Fuel price slump: Govt. mulls passing on benefit to public

Taking into account the decline in fuel prices in the global market, the attention of Power and Energy Minister Mahinda Amaraweera has been drawn towards passing on its benefit to the public by opting for a domestic price revision.

A statement issued by the Power and Energy Ministry said fuel prices continued to drop with the spread of coronavirus worldwide. Against this backdrop, the subject minister has decided to draw the attention of the Cabinet in adjusting fuel prices.

Commenting on this, Higher Education Minister Bandula Gunawardene said the matter was being considered and that the oil price formula introduced by the former government was done away with.

"On the 10th of every month, people become anxious fearing an increase in fuel prices. Although the price of crude oil went up in the recent past, we provided it at a fixed rate. The petroleum corporation is bearing a huge loss on the sale of every litre of petrol and diesel,” he said.  (Shantha Chandrasiri)