Press briefing of Cabinet Decision taken on 2018-06-26

The Committee for updating the fuel oil prices

- Approval of the Cabinet has been granted previously, to introduce a price formula for fuel oils based on the cost and make it effective from 2018‑05‑11 and to update the fuel oil prices from the 5th day of the third month based on the international prices that prevailed in the preceding two months. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to establish an Officials' Committee comprising of the officials of the Treasury and the Ministry of Petroleum Resources Development to implement the price formula in a more transparent manner and to update the price of Petrol and Diesel used in vehicles, on the 5th day after after every third month, was approved by the Cabinet.