Re-implement the fuel price formula introduced by UNP: Ruwan Wijewardena

In a media statement released by the United National Party (UNP), UNP Deputy Leader Ruwan Wijewardena urged the government to re-implement the fuel price formula which was introduced by the UNP government in the past which will ensure that when fuel prices reduce in the future, the public will immediately enjoy the benefits.

“The UNP Government introduced a fuel price formula that would have regulated petrol prices based on global prices. Last year global fuel prices dropped to a record low, however, because this Government had removed the fuel price formula, local petrol prices were not adjusted to reflect this reduction.” he stated.

He further explained that according to the annual report presented to Parliament, the Government saved as much as US $1.3 billion dollars due to the reduction in global fuel prices. This saving was not passed on to the public by the Government.

“For the past year, due to the COVID-19 pandemic, the Sri Lankan public has faced financial hardship. With this Government failing to reduce the petrol prices in line with global prices these burdens have not been eased,” he stated. 

Wijewardena also called on the Government to utilise the savings incurred by the reduction of global fuel prices last year and to provide the public with relief. 

“The savings gained by the Government amounts to Rs. 14,000 per adult citizen. We urge the Government to provide the public with vouchers for this amount which they can redeem for fuel, medicine or essential food items,” he urged.