Owing to acute economic issues prices of fuel cannot be slashed
Although the prices of crude oil has been reduced drastically in the world market the cabinet has decided that the prices of fuel could
not be reduced further.The focus has been made on the minimising the present economic issues and the loses incurred at the petroleum corporation. When these loses are minimised the cabinet would consider reducing the prices of fuel in relation to the prices of crude oil in the world market.
The ministers in the cabinet had said that the formula that was formed to reduce and increase the prices of fuel according to the fluctuation of prices of crude oil in the world market would not be applied until the economic issues confronted are resolved.
When this matter was inquired from the minister of petroleum and natural gas Chandima Weerakkody he had said that the price formula need to be amended to make it acceptable. It is the conclusion of the cabinet minsters that this price formula needs to be amended the minister had added.