Cabinet approval required to set up fuel price stabilization fund: Udaya Gammanpila

Udaya Gammanpila, Minister of Energy, told Parliament that he had submitted a Cabinet Memorandum in this regard in February last year and had referred it to the Cabinet Sub-Committee headed by Prime Minister Mahinda Rajapaksa after the Treasury refused to approve it.

He said the cabinet paper was presented in February last year to mitigate the impact of rising fuel prices on the world market and the impact of rising fuel prices on the people.

However, the Treasury refused to approve it and it was later referred to the Cabinet Sub-Committee on Energy Crisis, chaired by the Prime Minister.