Fuel pricing formula not suitable for Sri Lanka – Ravi
Posted on October 20th, 2018
The fuel pricing formula is not suitable for Sri Lanka, says the former Minister of Finance Ravi Karunanayake.
He stated this responding to the queries raised by the media today (19).
According to the former Minister Karunanayake, it is sufficient to formulate a method of determining the prices without being counterproductive to the CPC, while providing concessions to the public.
Meanwhile, Joint Opposition MP Shehan Semasinghe says that the fuel pricing formula has been introduced to hoax the public.
The fuel pricing formula does not contain any rational basis, says Prof Ranjith Bandara.
October 20th, 2018 at 8:45 pm
This is an insult to the public intellect. Do they think people are as fools as them!
October 20th, 2018 at 10:37 pm
I am for market price varying weekly. This is the same in most countries. No need to politicize this issue. Politicians should not get involved. CPC should be profitable , not a charity organization.
Politicians make use of this for advantage. Mahinda did not reduce petrol price until the 2015 elections when UNP was making noise. Ranil’s illegal government then reduced price below Mahinda’s reduce price making huge losses.
October 20th, 2018 at 10:39 pm
Prices should also include transport costs. Price in Jaffana should be more than Colombo, so should be in Hambantota.
October 21st, 2018 at 3:21 pm
Market prices varying weekley is not suitable for Sri Lanka. When prices go up, traders put their prices up but when prices go down, they don’t reduce them. Fluctuating fuel prices will send cost of living up and up. Instead the government must change fuel prices sparingly. There should be sufficient reserves to absord temporary changes. This cannot be done as 20% of the petroelum retail market is under the Indian oil company. We are in a mess of our own making.
After executive presidency was introduced, Sri Lanka became weaker. There was a time when the PM had courage. Sirimavo nationalised petroleum against some of the most powerful global corporates. Executive presidents are far more weaker than elected PMs and none has shown even 1% of that courage. Same goes for law and order. We had better law and order under PM leadership. EPs are far too scared of the underworld (some even had connections to it).
Prices should include transport costs. Petroleum prices away from Colombo should be higher. There is no point one subsidising another. Otherwise there is less incentive for retailers to sell fuel away from Colombo.