Treasury has decided to devise a special price formula to the fuel prices in par with the oil prices of World Market as the government is heavily burdened with the rising cost of importing fuel.
The price formula will be simplified with the aim of providing relief to the common masses. The Treasury has taken this decision due to the oil price increase in the world Market.
The Ministry of Petroleum Resources is expected to prepare the price formula within the next 2 weeks.
Once the price formula is devised, it will be submitted to the cabinet for approval.
State-owned Ceylon Petroleum Corporation reportedly incurs a massive loss of Rs. 38 million per day due to the recent price hike by its competitor Lanka IOC.