Cabinet to approve automatic fuel pricing mechanism (agreed with IMF staff) that ensures retail prices above cost-recovery levels and a financial position of Ceylon Petroleum Corporation capable of covering debt service.
Cabinet approved adoption of a cost-reflective fuel pricing mechanism in May 2018. The target date had been reset to March 2018 at the second review to allow time for public consultation and education, followed by a sequence of reforms. Modified from "MOF to introduce automatic fuel pricing mechanism that ensures retail prices above cost-recovery levels and a financial position of Ceylon Petroleum Corporation capable of covering debt service."