The monthly pricing formula which regulates fuel prices in Sri Lanka is to be implemented today (10). Fuel prices are reviewed every 10th day of the Month under the fuel pricing mechanism introduced in May 2018.

Last month, the Finance Ministry took steps to increase fuel prices according to this pricing formula. Fuel prices in Sri Lanka rose last month, with the price of Brent Crude oil exceeding US $70 per barrel by May 10, 2019 in the world market.

However, currently the market observes a significant drop in the price of Brent crude oil per barrel.  On May 10,2019 a barrel of crude oil was sold at US $70.62. Today, the Brent crude oil market is priced at US $ 63.29 a barrel in the world market.

Hence, Market analysts have predicted a price fall in fuel prices in Sri Lanka as the key determinant of fuel prices in Sri Lanka is the Brent crude oil price index in the world market.