COLOMBO (News 1st) – The Ministry of Finance states a fuel price formula will be introduced immediately following discussions with the Ministry of Petroleum Resources Development.

A senior official of the Ministry of Finance confirmed the agreed final price formula is scheduled to be submitted to the cabinet for approval following the discussions between the two ministries.

Sources at the Ministry of Petroleum Resources Development reports CEYPETCO had incurred a massive loss amounting to Rs 266 million a week due to the IOC fuel price hike.

Expressing his views on the situation, the Secretary to the Ministry of Petroleum, Upali Marasinghe said, the disadvantantageous situation has cost the government an additional Rs 38 million per day.