Deputy Minister of Finance and Planning Anil Jayantha says there is currently no possibility of reducing fuel prices in Sri Lanka despite a decline in global fuel prices, as the country is still consuming fuel stocks purchased at higher prices.
Speaking at a special media briefing held at the Department of Government Information on Wednesday (17), Fernando said fuel prices are determined based on the cost of existing stocks rather than current international market prices.
“We are yet to receive the fuel purchased at the lower prices. What we will be consuming in the coming period are the stocks that were bought at higher prices. Therefore, a reduction in fuel prices cannot be considered immediately,” he said.
However, the Deputy Minister indicated that a price revision could be considered once the higher-priced fuel stocks are exhausted.
“The lower-priced fuel will be received in the future and that process will take some time. But we expect prices to come down,” he said.
The Deputy Minister indicated that a price revision could be considered once the higher-priced fuel stocks are exhausted, and fuel prices would be reviewed based on future import costs and prevailing market conditions. (Newswire)
