The price formula committee is scheduled to meet this evening for the monthly fuel price revision, the Finance Ministry said.

It said the committee was scheduled to meet at the Ministry at 6.00 p.m. today.

This pricing formula would reflect the costs involved in pumping, storage and maintenance, and the taxes levied on crude and refined fuel imports.

This new method was introduced on May 11, 2018. The Cabinet appointed a committee on July 10, 2018, to revise the retail price of fuel.

“The respective committee factors-in the landing costs and operational costs in deciding the fuel price.

“Globally the oil prices change daily. The Government had proposed the use of the new method, which would pass the benefit of the fluctuations to the public,” the Ministry said.

Last month the price of petrol (Octane 92) was increased CPC by Rs. 3 a litre, while LIOC increased it by Rs. 7 in addition to increasing Petrol Euro III also by Rs. 7.

The CPC is now selling Petrol (Octane 92) at Rs.138 a litre and other fuel prices remained unchanged.

The price of Lanka Kerosene will also remain at Rs. 70 a litre. (Chaturanga Samarawickrama)