The government introduced this cost based fuel pricing formula which was to be implemented from May 11 and update the fuel prices prior to the 5th of every three months based on the international prices of the previous two months. “The Committee will comprise of officials from the Treasury and the Petroleum Resources Development Ministry in order to maintain transparency in the methodology and price revision process,” State Minister Wickramaratne said.

Responding to whether this would lead to constant fuel price hikes, he said, “The pricing will reflect the international prices and if the international fuel prices reduce, the local prices would also reduce accordingly. It is a more open and transparent system and the prices would reflect the international prices.”