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Wednesday, December 17, 2008

Supreme Court fixes petrol at Rs. 100 per litre

Considering a new pricing formula submitted by Finance Secretary Sumith Abeysinghe, the Supreme Court has ordered that petrol should be priced at Rs. 100 per litre from midnight today (Dec. 17th).
This is a reduction of Rs. 22 per litre.
The SC was taking up a fundamental rights petition filed by Ven. Thiniyawala Palitha Thera, MP Ravi Karunanayake and attorney Ravi Jayawardene of 'Corruption Watch.'
The SC, two days ago, ordered the Finance Secretary to formulate a pricing mechanism to pass on the benefit to the consumer of the considerable amount of money being saved to the Ceylon Petroleum Corporation through the cancellation of the hedging deal.
Chief Justice Sarath N. Silva had instructed that the 189 per cent tax on fuel import should not exceed 100 pc for any reason.
Stressing the need for stable prices for other fuels too, the CJ ordered the Finance Secretary to submit a pricing formula for them as well.

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