Fuel price revisions are based on pricing formula: Minister Wasantha Samarasinghe

Minister of Trade and Commerce Wasantha Samarasinghe reaffirmed the government's stance on fuel pricing, stating that price revisions are conducted based on a pricing formula aligned with global market fluctuations.

Speaking at a media briefing in Anuradhapura, the Minister emphasized the necessity of adjusting fuel prices according to international trends, ensuring monthly revisions that reflect market realities.

"Fuel prices fluctuate based on the pricing formula, which aligns with global market trends. Whether we like it or not, we are following this system, and price revisions—whether increases or decreases—occur as required," Samarasinghe stated.

Additionally, he pointed to government initiatives aimed at easing economic burdens, including a 30% reduction in electricity tariffs for factories, which he claimed would have a positive ripple effect on the public.

However, the Minister’s remarks have sparked criticism from the Janatha Vimukthi Peramuna (JVP) and others who question the rationale behind adjusting domestic fuel prices solely based on global market fluctuations. The JVP, which once strongly opposed such pricing mechanisms, now faces accusations of contradicting its previous stance following the transformation of the National People's Power (NPP) into the government.

Critics argue that the Minister's endorsement of the pricing formula is a clear departure from the party’s earlier promises to introduce a more independent fuel pricing strategy. The shift has led to accusations of political hypocrisy, with some expressing disappointment over what they see as the abandonment of previous pledges.