Mangala reveals controversial fuel price formula

Finance Minister Mangala Samaraweera revealed the controversial fuel price formula to the media today.

He said the maximum retail price is based on four factors, namely landing cost, processing cost, administrative cost and taxation.

The Minister said that imposing taxes on fuel is a process followed in other countries as well.

He said that taxes are needed to offer other concessions to the general public.

The Minister however noted that Sri Lanka imposes a smaller tax compared to other countries. (Colombo Gazette)

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