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.