The Cabinet of Ministers has granted approval for the establishment of the Fuel Price Stabilization Fund.
Minister of Energy Udaya Gammanpila said this fund will prevent any burden falling onto the consumers even when global fuel prices fluctuate.
He further said that the Fuel Price Stabilization Fund will determine future fuel prices, and not the Ministers.
Stating that the proposal for the establishment of the Fuel Price Stabilization Fund was submitted on 15th March 2021, the Minister said it was only approved on Tuesday, the 23rd of November 2021.
Minister Gammanpila pointed out that global fuel prices had increased by 36% during this eight-month period.
There will be no immediate relief for the people when the fund is established, the Minister warned.
He explained that this was due to the rapid increase in fuel prices in the world within the past eight months. (NewsWire)