Parliamentary committee calls for independent fuel pricing regulator

A parliamentary committee has called for an independent regulatory mechanism to make fuel pricing more transparent and to ensure fair competition among fuel suppliers in Sri Lanka.

The matter came up at a meeting of the Committee on Public Finance, chaired by Dr. Harsha de Silva, at the Parliamentary complex. Members raised concerns about differences in fuel import costs between the Ceylon Petroleum Corporation (CPC) and private fuel companies.

Officials explained that the CPC meets part of the country's fuel needs through its own refinery, while private companies import all of their refined petroleum products. The committee noted significant differences between the landing costs of the CPC and those of foreign suppliers.

Private companies, however, are required to set their prices according to the prices announced by the CPC. That has raised concerns about a possible imbalance in competition in the petroleum market and about the need for a transparent, independent body to oversee pricing.

The committee also went through the existing fuel pricing formula, import costs, taxes and distribution expenses, stressing the importance of a level playing field for all suppliers.

Members further said the country should move away from blanket fuel subsidies and introduce targeted assistance for financially vulnerable groups and the public transport sector.

The discussion also touched on new standards for imported vehicle tyres and proposed changes to the Aswesuma welfare benefits programme. The meeting was held to examine regulations published under the Imports and Exports (Control) Act through an extraordinary gazette dated October 1, 2026, and Supplementary Estimate No. 07 of 2026, Parliament's communications department said.

The call follows a week of heated debate over fuel prices, after the CPC and private operators raised pump prices in early November.