Energy Minister Udaya Gammanpila said today if the Fuel Price Stabilisation Fund is not implemented, at least the Fuel Price Formula should be implemented immediately.
He told Parliament that he had submitted a Cabinet Paper to introduce the Fuel Price Stabilisation Fund and that it has not been approved yet.
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. If it is not implemented, we need to introduce at least the Fuel Price Formula. If the fuel price is not increased with the increase of fuel prices in the global market, the loss has to be borne by all the taxpayers,” he said. (Ajith Siriwardana and Yohan Perera)