Prime Minister Ranil Wickremesinghe told Parliament today that the US sanctions expected to be enforced on Iran in November will impact oil prices.
Responding to a question raised by Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake, the Prime Minister said that the world is waiting and watching to see how the sanctions will impact oil prices.
He said there is a fear oil prices will increase further as a result of the sanctions.
The US has told countries to cut oil imports from Iran to “zero” by November 4 or face sanctions.
The Prime Minister also said that the US-China cold war is also having an impact on the oil prices.
He said that cabinet had agreed earlier this year that an oil pricing formula was needed to control oil prices in Sri Lanka.
Anura Kumara Dissanayake however said that no one seems to know how the formula works.
Dissanayake said that the information on the oil price formula is not being released even after a request was made under the Right to Information Act.
The Prime Minister said that he will request Finance Minister Mangala Samaraweera to brief Parliament on the formula at a later date. (Colombo Gazette)