Sri Lanka, May 24 -- The Cabinet of Ministers has granted the approval to revise transportation and other service charges to correspond to the recent increase in fuel prices, says Power & Energy Minister Kanchana Wijesekara.

His remarks came after Ceylon Petroleum Corporation (CPC) announced a fuel price hike with effect from 3.00 a.m. today (May 24). Meanwhile, Lanka IOC said it would also increase fuel prices to mirror the CPC's rates.

Taking to his official Twitter handle, Minister Wijesekara said the fuel pricing formula, approved by the Cabinet of Ministers, was applied to revise the prices.

According to the lawmaker, the price revision includes all costs incurred in importing, unloading, and distributing fuel to filling stations ...