Minister of Energy is again proposing a fuel price formula

The Minister Udaya Gammanpila said that with the treasury unable to provide funds, a fuel price stabilisation fund should be the way forward, with the fund bearing the brunt of the impact, during the good times as well as bad times.

 

There is a sense of irony in the minister’s suggestion, as the fuel pricing formula was first introduced during late Mangala Samaraweera’s tenure as the finance minister in the Government of Good Governance.

 

“What it does is that, when the global fuel prices come down, some money is permitted to the relevant fund, without giving the full benefit to the people.

 

The minister said the government cannot provide people with instant relief, with the establishment of this fund as money comes into the fund when fuel prices in the global market are slashed.

 

We don’t have money in the fund yet, and the Treasury isn’t providing any money either,” the lawmaker said, noting that what should be done right now is to introduce a fuel pricing formula.