No revision in oil prices

Disna MUDALIGE

The prices of oil could not be revised overnight despite short term fluctuations in price levels in the world market, Mass Media and Information Minister and Cabinet Spokesman Keheliya Rambukwella said.

The minister was addressing the weekly Cabinet press briefing at the ministry yesterday. He said Sri Lanka follows a methodology of analyzing oil prices periodically and deciding the local prices unlike certain developed Western nations which decide the prices on an hourly basis.

He said the government has to study the prices quarterly or once in six months and decide on the average prices.

He said the low prices of oil in today's world market does not necessarily mean the prices would not take an upward trend tomorrow. He said that considering all aspects the Petroleum Industries Ministry would take appropriate measure to revise the prices at the right time by being fair to the public. He said the government did not increase the prices of oil as soon as the prices fluctuated in the global market but endured it for a considerable period to provide a relief for the people.The prices were revised when the Treasury was unable to bear it any longer, he stated.