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    Government decides to maintain fuel at a flat rate for a year-Cabinet meeting to establish a ‘Steady Fuel Price Fund

    March 19, 2020

    The Government has decided to maintain fuel price under a flat rate for at least one year irrespective of the world market price, said Cabinet Spokesman Minister Bandula 

    Gunawardana during the media briefing held at the Government Information Department today (19) to announce the Cabinet decisions.

    He said it was decided at yesterday’s Cabinet meeting to establish a ‘Steady Fuel Price Fund’ of Rs. 200 billion to divert the money saved from the drop of oil prices in the global
    market.

    Responding to a question raised by a journalist who said due to the fall in fuel prices the Lanka Indian Oil Company (LIOC) is making a huge profit, the minister said that the
    government intends on imposing a tax on the profit earned by LIOC.
    He said when the fuel prices in the world market increases, the loss can be covered by the money in this steady fuel price fund.The minister also noted that this fund would also
    help to cover the losses incurred by some government institutions.

    The government is said to have taken this decision based on proper economic vision, adding that this decision will not only benefit the fuel consumer, but also the general public.

     

     

     

     

     

     

     

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