Apr 23, Colombo: The price formula prepared for raising fuel prices will be presented to the Cabinet meeting tomorrow, the Finance Ministry said.
After obtaining the cabinet approval, the pricing formula will be revised once in two or three months as the oil prices in the world market change.
According to the Finance Ministry, an increase in fuel prices could be expected within the next two to three months.
However, accusations were leveled against Ceylon Petroleum Corporation (CPC) continuously that the state institution was running at a loss after the increase in fuel prices at filling stations of the Lanka Indian Oil Company (LIOC).
Secretary to the Ministry of Petroleum Resources Upali Marasinghe said that after the fuel price increase by the LIOC, the CPC had incurred a loss of Rs. 38 million per day.
As such, the Petroleum Resources Ministry had informed the Finance Ministry that the Ceylon Petroleum Corporation had to raise fuel prices.
However, the Finance Ministry has taken steps to prepare a formula in this regard and it has now been finalized, the Finance Ministry said.