PM says price formula not responsible for fuel hikes, plans underway to implement weekly basis price formula

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Premier Ranil Wickrememsinghe, addressing a gathering in Galgamuwa yesterday hinted that fuel prices could rise further due to crude oil price increases in the World market, adding the government will take measures to implement a price formula that would determine the prices on a weekly basis.

The Prime Minister said that the price hike was brought about by the sanctions imposed on Iran and Venezuela with the ensuing economic situation influencing fuel prices, adding that the fuel price formula was not the cause for the price hike.

Mr Wickremesinghe pointed out that what was required now was a solution to minimize the situation being faced owing to the fuel price hikes.

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