Cabinet nod for fuel price hike | Daily News

Cabinet nod for fuel price hike

Cabinet yesterday agreed on last week’s fuel price increase and thus fuel prices will increase effective midnight yesterday.

The Cabinet Co-spokesperson informed the media that prices would be increased as follows: Petrol (92 Octane) increased by Rs. 8/litre, Petrol (95 Octane) increased by Rs.7/litre, Lanka Auto Diesel increased by Rs. 9/litre and Lanka Super Diesel increased by Rs.10/litre.

The President together with Finance Minister Managala Samaraweera and the Secretary to the Treasury had met yesterday evening to make the above decision.

The above price increase which was made last Thursday was revised the same day by President Sirisena stating that a collective decision on the matter was not made.

The Finance Ministry which rolled out the fuel pricing formula in March of this year however stated that it was done in accordance with the pricing formula which was set to revise prices every two months. The President has directed that future revisions be made through a committee consisting of representatives from his own office.




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