Mar 19, 2020 (LBO) – Sri Lanka will set up a crude oil price stabilization fund to absorb the shocks in global price fluctuations without changing the local oil prices, Co-cabinet Spokesman Bandula Gunawardane said.
The government is proposing to collect 200 billion rupees for the fund to facilitate the delayed payments of the Ceylon Electricity Board.
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According to the Minister, the electricity bill would be reduced at times when the global prices are lower because of the crude oil price stabilization fund.
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However, the government expects to keep the local oil prices stable for a certain period of time without changing it monthly with a price formula.
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