Power and Energy Minister Kanchana Wijesekera claimed today that the fuel price formula was re-introduced by the ministry with the advise of the International Monetary Fund (IMF) following the instructions of President Ranil Wickremesinghe.
Addressing the media, he said that the ministry will be implementing the formula in the future as well.
The new formula was introduced as a method of calculation to increase or decrease prices and the actual amount of taxes imposed on fuel, along with the profit or loss incurred by the Ceylon Petroleum Corporation (CPC).
This formula is the first of its kind implemented since the previous regime publicly announced a fuel pricing formula under the direction of then Finance Minister Mangala Samaraweera.
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