Despite different opinions raised over the fuel prices recently, Finance Minister Ravi Karunanayake informed Parliament yesterday, that the government is considering to established a Fuel Price Stabilization Fund.
The new mechanism would help to maintain stable prices for fuel for several years without changing frequently. He said, that the government would follow the system in Singapore or Dubai when, formulating the proposed mechanism.
The government, when it came to power in January last year, had promised to introduce a price formula to adjust fuel prices in accordance with the world market prices.Although the Government has completed it’s one year and fuel prices are going down but the formula is yet to be introduced .
It is relevant to mention that, earlier this month the world market prices of crude oil dropped to less than US $ 30 for the first time in more than a decade.
