According to the Petroleum Resources Development Minister Chandima Weerakkody, the Government expects to revoke the traditional fuel buying methods and the proposed subcommittee will introduce a new tender system to buy oil via transparent transactions.

“Government is working on the preparation of a pricing formula based on the declining oil prices in the international market. The benefits will be passed to the consumers as a result of this formula, Minister said.

In addition, the Ceylon Petroleum Corporation (CPC) has obtained Cabinet approval to open a State-owned lubricant manufacturing company to avoid the high expenditures on lubricants. The proposed company will commence within the next two weeks with an initial investment of US$13 million.