News
Minister indicates reduction in fuel prices in April
Power and Energy Minister Kanchana Wijesekara told Parliament yesterday that fuel prices would be reduced considerably according to the fuel price formula at the next fuel price revision, due in April.
The Minister said that the government would be able to procure fuel shipments, at lower prices, during competitive bidding, with the receipt of the IMF bailout.
There had been practical issues, and problems, in opening Letters of Credit, and obtaining credit facilities, in the recent past, as Sri Lanka could not give a guarantee to fuel suppliers, Minister Wijesekara said.
“We could not open LCs and obtain credit facilities when procuring fuel. After the IMF bailout, we will be able to procure fuel at lower prices during competitive biddings. We will be able to obtain a long-term credit facility as well. Fuel prices in the global market seem to have declined and the rupee has also gained strength against the US Dollar. Having considered all these factors, fuel prices will be reduced by a considerable margin which could be felt by the people,” he said.
Approval has been granted at the Cabinet meeting held on 22.07.2024 to publish the draft bill of State Assets Management Act in the government gazette notification and thereby present it to the Parliament for its concurrence.
However, the draft bill couldn’t be passed in Parliament as a result of the Parliament being dissolved in the month of October 2024.
Thereafter, the draft bill was subject to further inspection by a
committee appointed which comprised of officials and authorities on the subject.
The said Committee has recognized the amendments to be made and a fundamental draft has been prepared including the proposed amendments.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to suspend further activities regarding the draft bill of State Assets Management Act published in the extraordinary gazette of 02.08.2024, and to direct the Legal Draftsman to prepare a draft bill based on the fundamental draft prepared by the subject specialists’ committee.
Considering the compliance of the Cooperative Societies’ operations with the concurrent socio – economic circumstances as well as the changes in the common law, the requirement of amending the Cooperative Employees Commission Act No. 12 of 1972 has been recognized.
A fundamental draft including proposed amendments based on the experience gained by that Commission as well as the opinions and proposals of Cooperative societies, their director board members, cooperative employees and other interested parties has been prepared.
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Security and Cooperative development to provide instructions to the Legal draftsman to prepare a draft bill to amend the Cooperative Employees Commission Act No. 12 0f 1972, based on the said fundamental draft.
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