Petroleum Minister Arjuna Ranatunga in a complaint to President Maithripala Sirisena has blamed two previous subject ministers for last week’s fuel crisis which crippled day to day activities in Sri Lanka. Ranatunga had included information and evidence against the two said ministers in his complaint to the President. According to sources, Ranatunga had urged the President to carry out investigations against the said ministers and to probe whether there were other parties involved in the incident. Meanwhile, Finance Minister Mangala Samaraweera on Friday (10) announced that the long awaited fuel pricing formula would be introduced from March next year.

The Minister made the announcement during a post budget seminar held in Colombo on Friday morning. Accordingly, the pricing formula would determine the fuel prices according to the price changes of crude oil in the international market. A formula for fuel pricing had been on the cards for several months and had failed to see the light of day owing to various reasons. Recently, the Lanka IOC, Sri Lanka’s secondlargest oil distributor, called for formula-based pricing to end economic risks and help drive investment to the sector.