"A fuel price formula has been introduced" - Minister Arjuna Ranatunga

COLOMBO (News 1^st) - The Minister of Petroleum Resources Development Arjuna Ranatunga has stated that a fuel price formula has been introduced to reduce fuel prices when world prices drop, and to increase when there is an increase in the world market. The minister made this statement at an event in Ganemulla to pay tribute to war heroes. Min. Ranatunga added that the matter has been discussed at the Cabinet, and handed over to the Treasury to carry it forward. The minister also shared his personal view, saying the CPC, CEB and the Water Supply and Drainage Board must be made into service institutions, and if they are increasing prices of bus fares and other goods, the system needs to be approved. "As the country's political leadership we need to take a decision, whether we are going to carry this burden or put it on to the laurels of the people", said Minister Ranatunga.