Tussle to handle fuel pricing formula

By Shamindra Ferdinando

Petroleum Resources Development Ministry and the Finance Ministry are on a collision course over the control of the government committee responsible for fuel pricing formula.

Citing the Ceylon Petroleum Corporation Act, the Petroleum Resources Development Ministry has requested that the committee be placed under Secretary to the Ministry Upali Marasinghe.

Instead, the committee has been placed under an additional secretary to the Ministry of Finance.

Government sources alleged that those responsible for the formation of the existing committee headed by the Finance Ministry official had conveniently left out Chairman of the Ceylon Petroleum Corporation (CPC) and Ceylon Petroleum Storage Terminals Limited (CPSTL) or their representatives.

Responding to a query, sources said that in accordance with the Ceylon Petroleum Corporation Act the pricing formula should be decided on the basis of international market, taxes and suitable margin for profit et al.

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