Press briefing of Cabinet Decision taken on 2022-05-23

Introduction of a Fuel Price Mechanism to decide the selling price of the petroleum products

- It has been identified the necessity of having a mechanism to determine the selling price of petroleum based on a scientific methodology which is transparent and reflects all the cost components in order to decide the local selling prices of petroleum products. Such a mechanism would create a positive impact on building up the customer confidence as well as on recovering from the financial difficulties encountered by the Ceylon Petroleum Corporation. Accordingly, approval of the Cabinet was granted for the proposal made by the Minister of Power and Energy to appoint a committee headed by the Ministry of Power and Energy and comprising of the representatives of the other relevant institutions to submit appropriate recommendations enabling the prices of the petroleum products be determined monthly giving due attention to six(06) major cost components and to revise petroleum prices monthly based on the mechanism formulated on the said recommendations.