Sri Lanka to have controlled price formula for LIOC, CPC: Minister

Sri Lanka is planning to have a single price formula for both Lanka IOC and Ceylon Petroleum Corporation Power and Energy Minister Kanchana Wijesekera said in a move that will partially end the current full de-control of fuel prices.

Minister Wijesekera said he hoped to submit a price formula to the Cabinet of Ministers next week. Earlier he said negotiations were made with Lanka IOC to come up with as price formula.

“I believe a transparent price formula should be introduced both to Lanka IOC and CPC,” he said. “We do not expect to offset the full loss but to minimize the loss. By minimizing the loss only we can generate the cash to pay for the next ship.”

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