A price formula for petroleum products will be introduced soon aiming to provide relief to customers with the drastic price drop of crude oil in the world market, Petroleum and Petroleum Gas Minister Chandima Weerakkody said.
When the media asked why the government hesitates to pass on the benefit of the drop in crude oil prices to consumers, the minister said that a process of formulating a price formula takes a certain time.
However, the new price formula will probably be introduced in a few weeks." The Petroleum and Petroleum Gas Ministry is engaged in discussions with the Consumer Affairs Authority and Finance Ministry, to formulate the price formula.
It is necessary to look into various sectors such as the financial status of the ministry and country, transportation and others, prior to formulating the formula," he said. A discussion in this regard will be held with the Finance Minister once he returns to the country and the formula will be formulated accordingly, the minister added.
"Therefore there should be a scientific method for pricing petroleum products according to the price fluctuation in the world market," he said. When the media pointed out that the price of a barrel of crude oil is around US$ 30 now but the price of fuel remained unchanged the minister said the stocks received last October have been sold now.
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