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Sri Lanka to set up crude oil price stabilization fund

Business News: Co-cabinet spokesman Bandula Gunawardane said Sri Lanka will set up a crude oil price stabilization fund to absorb shocks in global price fluctuations without changing the local oil prices.

The government is proposing to collect 200 billion rupees for the fund to ease the Ceylon Electricity Board’s delayed payments.

According to the Minister, at times when global prices are lower due to the crude oil price stabilisation fund, the electricity bill would be lowered.

However, with a price formula, the government expects to keep local oil prices stable for a certain period of time without changing them monthly.