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Fuel price formula on the cards

A price revision of fuel distributed by the Ceylon Petroleum Corporation (CPC) is in the offing, according to highly placed government sources.

The Indian oil company, Lanka IOC has already increased their prices to be on par with the world fuel price hikes. However, CPC prices have remained static for nearly a month incurring heavy losses.

The weekly loss due to this has been calculated at Rs.266 million, Petroleum Resource Ministry sources said.Taking all this into consideration, an oil price revision is likely according to Finance Ministry Secretary Dr. R.H.S Samaratunga.

He said the need for the pricing formula is essential and they were in the process of finalising the matter with the Petroleum Resources Ministry. Dr. Samaratunga told the Daily News that they were in the process of finalising a fuel price formula to be implemented after the Sinhala and Hindu New Year.

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