The government has decided not to make any revisions to the fuel prices as per the pricing formula.
Earlier, the Minister of Power and Energy Kanchana Wijesekara stated that the fuel price revision would take place after every 14 days, on Monday, in line with the fluctuation of rates in the global market.
Accordingly, a fuel price revision was scheduled to take place last night (Aug 15), however the Ministry of Power and Energy had not made any explanation regarding the matter.
It is reported that the price of a crude oil barrel in the global market has currently dropped significantly.
Brent crude futures settled as US $ 93.91, while a barrel of WTI crude oil was recorded as US $ 88.42 this morning (Aug 16).