Former Finance Minister Mangala Samaraweera today said that if the fuel price formula was implemented, all types of fuel could be reduced by Rs.20 per litre from March 10.
He said, during the ‘Yahapalana’ Government, that fuel prices were revised on the 10th of every month in accordance with the fuel price formula to give maximum benefit to the consumers of the country, comparing prices in the world market.
“When I introduced the fuel price formula, we promised to pass the benefit of world oil price fluctuations to the consumers by reducing the oil prices in the local market. Now the international oil price has come down to USD 45 per barrel from USD 65 and the fuel price was last revised in September 2019,” Mr. Samaraweera said.
Likewise, he said the government had also introduced a price formula for another essential commodity, domestic gas.
“As a result, the price of a 12.5 kg gas cylinder sold for more than Rs. 2,000 in 2015 has been reduced to Rs. 1,500,” he said.
| Types of fuel | Previous price Rs/Litre |
Revised price on September 10, 2019 Rs/Litre |
Price which should be revised on March 10, 2020 |
| Octane 92 Petrol | 138 | 137 | 117 |
| Octane 95 Petrol | 163 | 161 | 141 |
| Auto Diesel | 104 | 104 | 84 |
| Super Diesel | 134 | 132 | 112 |