Sri Lanka, March 10 -- Former Finance Minister Mangala Samaraweera today said that if the fuel price formula was implemented, all types of fuel could be reduced by Rs.20 per litre from March 10.
He said, during the 'Yahapalana' Government, that fuel prices were revised on the 10th of every month in accordance with the fuel price formula to give maximum benefit to the consumers of the country, comparing prices in the world market.
"When I introduced the fuel price formula, we promised to pass the benefit of world oil price fluctuations to the consumers by reducing the oil prices in the local market. Now the international oil price has come down to USD 45 per barrel from USD 65 and the fuel price was last revised in September 2019," Mr. Sam...