The Government will consider reducing fuel prices to be on par with world market prices, the Minister of Petroleum Chandima Weerakkody said.
The Minister said that the price of fuel is not determined domestically but is based on world oil prices.
He said that with world oil prices seeing a decline in recent times, the Government will consider passing on that benefit to the public.
The newly appointed Minister also said that a new fuel price formula will also be looked into once he assumed duties at his Ministry.
He said that his Ministry will take actions based on the instruction given by the President and to meet the expectations of the people. (Colombo Gazette)