By Ajith Siriwardana  and Yohan Perera   

If the Fuel Price Stabilisation Fund was not implemented, immediate action should be taken to implement at least the Fuel Price Formula, Energy Minister Udaya Gammanpila said yesterday.   

He told Parliament that he had submitted a Cabinet Paper on March 15, 2021 to introduce the Fuel Price Stabilisation Fund and that it has not been approved yet.   

Responding to a question raised by SLPP MP Mohomad Muzammil, he said the Central Bank has proposed that the Fuel Price Formula should be implemented again.    “The Fuel Price Stabilisation Fund is the most suitable mechanism for Sri Lanka as the cost of fuel is directly affecting the cost of living and production cost. If it is not put into practice, we need to implement at least the Fuel Price Formula. If the fuel price is not increased with the increase of fuel prices at the world market, the loss has to be borne by all the taxpayers,” he said.