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
Ajith Gallage, the owner of a Bird Park in Nagarawawa, Hambantota, has been remanded over allegations of concealing illegally imported motorcycles, in a warehouse owned by him.
The final rites of veteran broadcaster, writer, and lyricist Nirmala de Alwis will be held today at Peradeniya.
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