Finance Minister Mangala Samaraweera revealed the oil pricing formula at a press briefing held today.
The break down of the formula is as follows :
The price of oil, acording to the minister, is obtained by a formula V i + Vii + V iii + V iv
V i = Cost incurred in Singaporean Platt's price when purchasing a barrel of oil and the exchange rate of the rupee
V ii = Production cost
V iii = Adminsitrative expenses
V iv = Cost incurred as taxes
The Committee on High Posts has approved the nomination of Former Air Force Commander Air Chief Marshal (Retd.)
Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
A Sri Lankan man was apprehended at Suvarnabhumi airport for attempting to smuggle wildlife out of the country after three ball pythons were found hidden in his underwear, the Bangkok post reported.
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