Prices of goods & services to increase

COLOMBO (News 1st) - A decision was taken to increase the prices of petrol and diesel with effect from midnight yesterday (July 10). The Government said the pricing mechanism is in effect in a manner which will decide on the prices of fuel once a month. Speaking to the media Co-Cabinet Spokesperson, Minister (Dr.) Rajitha Senaratne stated that in the future prices will fluctuate according to the pricing mechanism adding that there is a possibility of prices changing from day to day. Journalists questioned the Minister on the elusive fuel price formula and asked why the formula is not being released to the General public or the trade unions? Dr. Senaratne successfully dodged the question and noted that the price revisions come into play in accordance with fuel prices in Singapore. Secretary of the CPC Trade Union Collective, D.J. Rajakaruna stated that this pricing mechanism is being implemented in an irregular manner. He states that the people have a right to know how the fuel prices are increasing because they are the ones paying tax. He called upon the Finance Ministry to immediately present the pricing mechanism. The secretary of the All Ceylon Private Bus Owners Federation, Anjana Priyanjith warned that if there is a revision of diesel prices, the private bus owners have the right to amend their fares. President of the Lanka Private Bus Owners' Association Gemunu Wijeratne said the association's stance on the fuel price increase will be announced after studying the pricing mechanism. Meanwhile, the restaurant owners association has announced that they will be gathering on Saturday to determine the increase in prices. The Self-employed union says that if the three wheel drivers are to survive they need to increase their first-kilometer charge to at least 80 rupees. However, Min. Rajitha Senaratne was bullish in his statements and noted that everyone who increased prices of goods and services needs to be prepared to reduce prices when the oil prices do drop.  The Minister failed to provide an explanation on how the Government intends to ensure that prices reduce with the reduction in fuel prices. A number of politicians also commented on the increase in fuel prices. Watch Video.