Government will not implement fuel price formula - Shehan Semasinghe

Colombo (News 1st) - Cost of living was a major topic that was discussed in Parliament today. The topic was taken up for debate following the debate on the manifesto presented by the President during the election campaign. Commenting on the subject Opposition Leader Sajith Premadasa noted that the cost of goods has increased exponentially. Pointing out the prices of a number of vegetables, Premadasa pointed out that the prices have increased in most cases by around 100%. He questioned the Government as to whether the people of the country are happy and at ease? State Minister of Development Banking and Loan Schemes Shehan Semasinghe commenting on the subject noted that their administration has been able to reduce a large number of taxes including reducing the income tax percentage from 24% to 18%.  He also noted that PAYE tax has been removed and that the communication sector is now exempt from high taxation. Semasinghe explained that the Government has commenced the work that they should be doing. Semasinghe also emphasized that the fuel price formula which was introduced under the previous administration would not be implemented by this administration.