• Transparent mechanism for pricing, supplier competition 
• Suggests targeted assistance to financially vulnerable groups 

The Parliamentary Committee on Public Finance (CoPF) has highlighted the need for an independent regulatory mechanism to ensure transparency in fuel pricing and fair competition among fuel suppliers. 

The issue was discussed at a Committee meeting Chaired by Opposition Parliamentarian Dr. Harsha de Silva at the Parliamentary complex, where concerns were raised over differences in fuel import costs between the Ceylon Petroleum Corporation (CPC) and private fuel companies.

Officials explained that the CPC produces part of the country's fuel requirements through its refinery, while private fuel companies import all their refined petroleum products.

The Committee observed significant differences between the landing costs incurred by the CPC and foreign fuel suppliers. However, private companies are required to determine their prices based on the fuel prices announced by the CPC. 

This raised concerns about possible competitive imbalances in the petroleum market and the need for a transparent and independent mechanism to regulate fuel pricing.

The Committee also discussed the existing fuel pricing formula, import costs, and taxes and distribution expenses, emphasising the importance of ensuring a level playing field for all fuel suppliers.

In addition, members highlighted the need to move away from blanket fuel subsidies and instead introduce targeted assistance for financially vulnerable communities and the public transport sector.

The broader discussion also covered the introduction of new standards for imported vehicle tires and proposed changes to the Aswesuma welfare benefits programme.