New Mechanism Planned To Adjust Fuel And Electricity Tariffs Amid Global Price Surge

COLOMBO (News 1st): A decision has been made to formulate a new mechanism to adjust domestic fuel and electricity tariffs in line with the rising fuel prices in the global market.

Deputy Minister of Finance, Dr. Anil Jayantha Fernando, noted that given the current situation arising from the Middle East conflict, global fuel prices have surged by 20% to 35%.

The Deputy Minister pointed out that, in the face of such an unprecedented price hike, it is impossible to adjust local fuel and electricity bills using the previous methods.

Accordingly, a new system is to be developed.

He further stated that this new mechanism will be designed to ensure minimal impact on low-income individuals.

Representatives of the International Monetary Fund (IMF) are also expected to be briefed regarding this new framework.