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Petroleum pricing formula from March

Deputy Treasury Secretary S.R. Attygalle yesterday assured that the pricing formula on petroleum products would be implemented by March next year.

“You will have the formula for the New Year in April,” he said addressing a post budget discussion organised by the Ceylon Chamber of Commerce.

The electricity formula however is expected to be delayed, as, he said, it was more complicated, given the various subsidies given to electricity consumers.

“A transparent energy pricing formulae and a Budget which would continue the fiscal consolidation process was an important condition stressed on by the IMF through their Extended Fund Facility Programme,” he said.

Attygalle however stated that the pricing formula, be it for energy or alcohol was important to ensure consistency in the taxation policy of the country.

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