Fuel price revisions were made in line with the fuel pricing formula, Ceylon Petroleum Corporation (CPC) Managing Director Mayura Nettikumarage said.
Speaking at a media briefing on Tuesday (24), he explained that the revisions were based on import costs and associated expenses.
“Fuel prices were increased according to the pricing formula. There is no special formula; it is based purely on the cost of imports and related expenses,” he said.
Nettikumarage added that CPC calculates the prices and submits them to the government, which makes the final decision.
“What the Corporation does is calculate the price based on import costs and expenses and inform the government. The final decision is taken by the government,” he said.
He noted that while the government may absorb part of the cost, CPC’s calculations strictly follow the formula.
“If the government absorbs a portion, the final price may be lower than what the formula indicates. But the Corporation only presents the actual cost and expenses,” he said.
Nettikumarage also said that while prices were previously calculated monthly, adjustments are now made more frequently due to rapid fluctuations in global oil prices.
“Earlier, prices were calculated monthly when fluctuations were stable. Now, global oil prices change rapidly, so the calculation period has been adjusted, but the formula remains the same,” he said. (NewsWire)