Sri Lanka government is likely to reduce fuel prices in the next price revision scheduled on November 10 as oil prices are coming down pressured by stock market weakness and pledges by top oil exporter Saudi Arabia to meet the demands of the world's oil consumers.
Benchmark U.S. crude fell 66 cents to $66.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the benchmark for international oil prices, dipped 53 cents to $76.37, six hours ago.
The government will have to reduce local fuel prices in accordance with the fuel pricing formula unveiled by Finance Minister Mangala Samaraweera last week.
The final price, according to the formula, is determined by the landed cost (V1), processing cost (V2), administrative cost (V3) and taxation (V4) and accordingly (Maximum Retail Price (MRP)= V1 + V2 + V3 + V4.
Minister Samaraweera noted that "Tax for Diesel is Rs 25.48; Tax for Petrol is Rs 53.68.
According to this formula, V1 = landed cost is the only determining factor in the MRP, several eminent mathematicians in the country said adding that the government should come with the actual formula with all of its variables and constants.
The definition of a formula is a group of mathematical symbols that express a relationship or that are used to solve a problem, or a way to make something, they said.
Experts in mathematics pointed out that those who have formulated this formula should divulge all hidden variables and constants enabling the public to calculate the MRP of fuel. (BS)
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