June 17, Colombo: Sri Lanka Ministries of Petroleum Industry and Power and Energy have agreed to trade petroleum between the firms of the Ministries according to an annual rate formula.
The Cabinet has approved a joint cabinet paper submitted in this regard by the two Ministries.
Accordingly, the Ceylon Petroleum Corporation will sell five petroleum products including diesel, furnace oil, and naphtha to Ceylon Electricity Board according to an annual rate formula.
A committee is to be appointed soon to compile the rate formula. The committee will comprise representatives from the two Ministries, the Ceylon Petroleum Corporation and the Ceylon Electricity Board, the Public Utility Commission and the Ministry of Finance.
The rate formula is to be introduced by the end of this year.