Sri Lanka’s Electricity and Energy Minister, Kanchana Wijesekera, has unveiled plans to implement a dynamic daily fuel price formula system starting from February 2024. Under this new approach, fuel prices in the country will be adjusted daily, reflecting the changes in international crude oil rates.
Instead of the government announcing monthly fuel price revisions, fuel distribution agencies will autonomously manage these daily adjustments to prevent any financial losses. Minister Wijesekera emphasized that this real-time pricing strategy aims to introduce smaller, more frequent changes, ensuring a timely response to global market fluctuations.
This innovative system is poised to provide consumers with a more accurate reflection of the international fuel market, aligning prices more closely with the world’s crude oil rates.
