New formula for fuel: Mangala

Fuel price will increase according to a new formula which will fix prices according to global pricing of crude oil, the Minister of Finance, Mangala Samaraweera said.
Mr Samaraweera said that according to the new formula the fuel prices of Sri Lanka would vary every two months based on Singappore Oil Price index.
Minister said that according to the formula the prices will reduce or increase according the global market therefore by allowing the businessmen to carryout expenses accordingly.
Mr Samarweera also made remarks that even though the fuel prices increased still the prices are bellow the fuel prices of the previous regime.
“Due to the fuel increase the Finance ministry will be able to save the money used to cover the losses of Ceylon Petrolium Corporation” he said.
He said that money as well as income of the fuel increase will be used for the rapid development of  villages under the new programme “Gamperaliya”.
Minister added that in order to cut losses of the CPC, it has to be restructured. He said meetings are held between the finance ministry and relevant minister to set up the restructure.
The Price of fuel will also increase today midnight, a liter of fuel issued by CPC will be: Petrol (92 Octane) Rs 137, Petrol (95 Octane) Rs 148, Auto Diesel Rs 109, Super Diesel Rs 119 and Kerosene101.
However earlier in the day Cabinet Spokesman Dr Rqajitha Senaratne said that the government does not hope to introduce pricing formula for fuel.