Fuel prices will not hike: Arjuna Ranatunga

Petroleum Resource Development Minister Arjuna Ranatunga assured that the government does not intent to hike the price of fuel, at the Cabinet meeting held yesterday.

He said this in response to questions raised by several Ministers at the meeting.

Furthermore the Minister said that even though the Petroleum Corporation is incurring losses the government does not intend to increase fuel prices and cause a burden to the public.

However, even though it was said that a price formula would be created to determine the price of fuel, it was not presented before Cabinet of Ministers yesterday.