A resolution to establish a fund to stabilise the price of fuel will be tabled in the Cabinet next Monday, Energy Minister Udaya Gammanpila told Parliament today (07).
In the event that the proposed fund to stablise fuel price was not approved by the Treasury, it had been approved by the Ministerial Sub-Committee to resolve the Energy Crisis headed by Prime Minister Rajapaksa, Gammanpila revealed.
“What can be done to treat the consumers fair? Last February, a Cabinet Paper was tabled in the Cabinet to set up a price stabilisation fund in the emphasis that fuel prices in the world market are growing rapidly. Two methods are used in relation to global fuel prices. One is the price formula adapted by the previous regime. The other is the price stabilisation fund. In our study, we identified that the price stabilisation fund, rather than a forumla, could be more appropriate for a low-income middle-income country like Sri Lanka.
The paper was tabled in the Cabinet upon studying how the pricing formulas are being implemented in seven countries. As the Treasury did not agree to this, the Cabinet decided to refer the matter to the Ministerial Sub-Committee on Resolving the Energy Crisis headed by the Prime Minister. The Ministerial Sub-Committee will approve it and submit it to the Cabinet next Monday as a pamphlet,” he said.