COLOMBO (NewsRadio); Minister of Power and Energy Kanchana Wijesekera has proposed to revise domestic fuel prices on a daily basis.
Minister Wijesekera said once the fuel quota system is abolished and when fuel importation and distribution mechanisms are normalized, price revision should be enforced daily.
Meanwhile, addressing an event in Colombo, Energy Minister Wijesekera said considering the current situation in the country, a decision has been taken to revise the domestic fuel prices only once a month according to the fuel pricing formula.
The proposal in this regard will be presented before the Cabinet of Ministers today.
Earlier this year, the government announced that the domestic fuel prices will be revised on the 1st and the 15th of every month.
Minister Kanchana Wijesekera said however they have observed that distributors have been reluctant to place fuel orders by the 13th, 14th or by the 28th of every month, over concerns that they could incur losses if prices are reduced.
Accordingly, a decision has been taken to revise prices once a month. Minister of Power and Energy Kanchana Wijesekera assured to notify the distributors prior to revising fuel prices.