The Parliamentary Committee on Public Finance (CoPF) has called for the establishment of an independent regulatory body to oversee fuel pricing and guarantee fair market competition across the energy sector.
The parliamentary watchdog issued the directive during a session convened at the parliamentary complex under the chairmanship of Opposition Parliamentarian Dr Harsha de Silva.
Lawmakers examined notable disparities between the landing expenses of the state-run Ceylon Petroleum Corporation and those of private foreign distributors.
Officials clarified that while the state corporation refines a portion of its supplies locally, private firms rely entirely on imported refined products.
Under the current system, private entities are bound to price their retail fuel in line with official state announcements, which members warned creates severe market imbalances.
The committee evaluated the existing pricing structure alongside import costs, taxes, and transport overheads to determine methods for creating a level playing field.
It also urged the government to end blanket energy subsidies in favour of direct financial aid for vulnerable households and public transport operators.
