Fuel Price Formula to make a return?

COLOMBO (News 1st); Sri Lanka's Energy Minister Udaya Gammanpila on Tuesday (23) told the Parliament that Sri Lanka will have to implement a fuel price formula, is the country will not adopt the Fuel Price Stabilization Fund.

"What is more appropriate for the country is the Fuel Price Stabilization Fund. But, if we are not adopting that, we must go for a Fuel Price Formula," said the Minister.

He told the house that if Sri Lanka does not revise prices in accordance with the global oil prices, the extra cost and the loss will have to be borne by the people.

He said it was unfair when the poor farmers have to pay extra taxes for fuel when the elite in Colombo drive luxury vehicles that only run for 3 to 4 kilometers per liter of fuel.