Fuel prices were revised based on an estimation by the Ceylon Petroleum Corporation (CPC) and not per the fuel price formula, Government Spokesman Minister Vijitha Herath said.
Addressing the media today, the Cabinet Spokesman assured that fuel prices will be systematically reduced, adding that the government cannot immediately implement a Rs. 100 or Rs. 200 reduction.
He further said that if fuel prices are immediately dropped by Rs. 100 or more suddenly, it would have a drastic impact on the economy.
“We will reduce fuel prices step by step, keeping in line with the measures taken to strengthen the economy. We also expect a reduction in bus and three-wheeler fares, and other manufacturing costs. We hope to provide a concession to the public through the reduction of fuel prices,” he added. (Newswire)