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Sri Lanka commits to switching to internationalised fuel pricing mechanism

Sri Lanka is to make its fuel pricing system reflect international prices said the Finance Ministry in a statement today.

“The finance minister Manglaa Samaraweera will be introducing pricing formulae to reflect international prices and give the benefit to consumers,” said State Minister for Finance Eran Wickramaratne.

As part of an agreement with the International Monetary Fund to receive US $1.5 billion Sri Lanka committed to re-introduce an internationalised fuel price formulae by the end of 2016 in and missed the deadline.

In its most recent country report on Sri Lanka the IMF outlined that Sri Lanka was stalling on energy pricing reform due to “political resistance.”

A deadline of March 2018 has been set  by the IMF for the change in Sri Lanka’s fuel pricing.

See more here.