Committee to Revise the Fuel Prices Every Three Months

The cabinet has approved a Cabinet paper submitted by the Minister of Finance and Mass Media, Mangala Samaraweera, on the 5th day of every three months to update the prices of diesel and petrol.

In addition, a committee is to be set up consisting of officers from the Treasury and the Ministry of Petroleum Resources Development to update the fuel prices.

On May 11, 2018, a cost based pricing formula for fuel prices was introduced and is in effect from that date.

Fuel prices will be updated on the fifth day of the third month on the basis of fuel prices of the previous two months.