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

Leading News from Sri Lanka::

* Sri Lanka PM says will provide relief to people despite rise in global fuel prices
Thu, Oct 11, 2018, 08:47 am SL Time, ColomboPage News Desk, Sri Lanka.

Oct 11, Colombo: Sri Lanka Prime Minister Ranil Wickremesinghe told Parliament yesterday that any price formula is irrelevant and in the presence of the current global oil crisis increase in fuel prices cannot be controlled, but the people should be given relief in the event of rising fuel prices.

He said the global oil crisis affects the countries more than the price formula and Sri Lanka needs to be prepared to face it since due to the tariff war between the United States and China and the demand for oil from India and China the future of world oil price is not clear.

"If the US imposes economic sanctions on Iran in November the global crisis will deepen. During the approaching winter season from November to April the world oil consumption usually increases. The price of a crude oil barrel which is at USD 80 now may rise to even USD 90. It cannot be predicted with certainty," he explained.

The Prime Minister pointed out that strengthening US dollar is the other issue. As a result, the currencies of many developing countries including Sri Lanka have depreciated.

The Premier made these observations in response to a demand made by the JVP Leader and Chief Opposition Whip Anura Kumara Dissanayake to know the oil price formula.

The Premier responded that he does not have the price formula and that it must be requested from Finance and Mass Media Minister Mangala Samaraweera.

The Prime Minister said that the price of fuel in the country would increase to a certain extent when the global price of fuel is increased according to the fuel price formula, but when the global price is reduced the government is ready to provide the concession to the public.

Explaining that every country in the world impose taxes on fuel, the Premier said the government has understood that relief should be provided to the people.

The Prime Minister also said that a price formula is implemented not only in Sri Lanka but also in neighboring India where the oil prices fluctuates daily based on the price formula.

"As a Government we are ready to deal with these crises while giving the necessary relief to the people," the Prime Minister said.


ColomboPage - Recent 10 Stories ::
Registration of chainsaw machines from tomorrow
-- [7 hours ago]
ADB approves $ 50 mn loan to Sri Lanka's RDB to provide credit to small rural enterprises
-- [8 hours ago]
Indian Coast Guard apprehends 25 Sri Lankan fishermen
-- [8 hours ago]
Passenger and cargo ferry service to be commenced between Southern India and Northern Sri Lanka
-- [8 hours ago]
Milk Powder is not an issue for political platform - Health Minister
-- [9 hours ago]
Sri Lanka's leading apparel exporter Brandix goes 'live' with Centric PLM solution
Pakistan offers numerous scholarship opportunities for Sri Lankan students
Minister Ranjan Ramanayake says list of 24 MPs using drugs handed over to Speaker
France supports Sri Lanka's fisheries sector to cut post-harvest losses
Speaker to table the committee report on disorderly conduct in parliament on Friday

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.