No revision in oil prices
The prices of oil could not be revised overnight despite short term
fluctuations in price levels in the world market, Mass Media and
Information Minister and Cabinet Spokesman Keheliya Rambukwella said.
The minister was addressing the weekly Cabinet press briefing at the
ministry yesterday. He said Sri Lanka follows a methodology of analyzing
oil prices periodically and deciding the local prices unlike certain
developed Western nations which decide the prices on an hourly basis.
He said the government has to study the prices quarterly or once in
six months and decide on the average prices.
He said the low prices of oil in today's world market does not
necessarily mean the prices would not take an upward trend tomorrow. He
said that considering all aspects the Petroleum Industries Ministry
would take appropriate measure to revise the prices at the right time by
being fair to the public. He said the government did not increase the
prices of oil as soon as the prices fluctuated in the global market but
endured it for a considerable period to provide a relief for the
people.The prices were revised when the Treasury was unable to bear it
any longer, he stated.