'Fuel Price Fund to determine Prices, But don't expect immediate relief' - Gammanpila

COLOMBO (News 1st); Sri Lanka's Energy Minister Udaya Gammanpila said that the Cabinet of Ministers granted approval for the establishment of the Fuel Price Stabilization Fund, and this fund will prevent any burden falling onto the consumers even when global fuel prices fluctuate.

He added that the fuel prices in the future will be determined by the Fuel Price Stabilization Fund, and not by ministers.

He said the proposal put forward by him for the establishment of the Fuel Price Stabilization Fund on 15th March 2021, was approved only on the 23rd of November 2021, and during this eight-month period, global fuel prices increased by 36%.

The Minister, however, warned that there will be no immediate relief for the people when the fund is established, given the rapid increase in fuel prices in the world within the past eight months.