Fuel price formula scrapped, fuel price reduced

The Government today reduced the price of fuel and also announced that the existing fuel price formula had been scrapped.

The Finance Ministry said that given the impact of the fuel price on society, specially those engaged in the transport, agriculture and fisheries sectors, the price of Petrol (Octane 92) will be reduced by Rs. 10 per litre, Auto Diesel by Rs.7 per litre and Lubricants including the 2T lubricants used in three-wheelers and small agricultural engines by Rs.10 per litre with effect from midnight today.

At the same time a cost based pricing mechanism will be implemented on fuel in place of the monthly fuel price formula. (Colombo Gazette)

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