Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* New fuel price formula to the cabinet tomorrow
Mon, Apr 23, 2018, 08:24 pm SL Time, ColomboPage News Desk, Sri Lanka.

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.


ColomboPage - Recent 10 Stories ::
Lonely Planet names Sri Lanka as world's top destination to travel in 2019
-- [37 minutes ago]
Sri Lanka, South Africa focus on strengthening political, economic, trade relations at partnership forum
-- [1 hour and 10 minutes ago]
ACMC lodges complaint on an alleged plot to assassinate Minister Rishad Bathiudeen
-- [1 hour and 24 minutes ago]
KOICA and UNICEF sign a US$ 6 million partnership to support education projects in Northern Sri Lanka
-- [1 hour and 42 minutes ago]
Architecture Xtudio to revitalize architecture & construction industry dialogue this month
-- [2 hours ago]
U.S. Department of State provides Sri Lanka Rs. 600 million for mine clearance
-- [2 hours ago]
BOI attracts investments into Trincomalee district fueling development and employment generation
-- [2 hours ago]
Sri Lankan passenger arrested for attempting to smuggle foreign currency worth Rs. 6.4 million
Alaina Teplitz sworn in as next U.S. Ambassador to Sri Lanka and Maldives
Sri Lanka Navy arrests two men with over 150 kg of Kerala cannabis in northern seas

Copyright © 2000, 2016 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.