The fuel price revision for September is scheduled to be done today (1). The Power and Energy Ministry earlier announced that the fuel price will be revised on the 1st and 15th of every month. Accordingly the fuel price revision is due to happen today. However, fuel prices remained unchanged on August 15.
Only the diesel price was reduced by Rs 10 on August 1. The fuel price is revised according to the fuel price formula, considering the factors of oil price in the world market, fuel import costs, landing costs, distribution costs and taxes.
The implementation of the fuel price formula is done by a committee made up of representatives of the Power and Energy Minister, Finance Ministry, Central Bank, Ceylon Petroleum Corporation, Indian Oil Company and the Consumer Affairs Authority.
