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“Fuel price formula will destroy the economy” – Ravi K.

Staff Writer

Colombo (News1st): Former Minister of Finance Ravi Karunanayake that the monthly increase in fuel prices will have an adverse impact on the economy

Karunanayake instead proposed a move to alter fuel prices every 6 months as this would dampen the effect it has on the economy and all other goods and services. Karunanayake acknowledged the fact that price revisions caused by changes to fuel prices usually take an upward trend and noted that it is very rare to see a decrease in prices.

Ravi Karunanayake went on to say that this is a consequence of the depreciation of the rupee and the pricing formula should be altered to suit the country and not be based solely on the instructions of the IMF.

The former finance minister went onto note that the impact would have been minimal if the value of the rupee was stable.

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