He added that the cabinet paper will be prepared to swiftly obtain cabinet approval as people should reap the benefits of the oil price drop.

He went on to note that a decision on how exactly the people can reap the benefits, could only be reached following the approval of the cabinet paper.

However, the 'Nation' newspaper reports citing Deputy Minister of Petroleum Resources Development Anoma Gamage as to saying that the new pricing fuel formula will be delayed as discussions on the matter have been pushed back.

It was earlier said that the formula would be ready in January, 2016.

Deputy Minister Gamage has said that Minister Weerakkody is abroad and the next meeting on the topic will take place only in January, but a date was yet to be fixed.

“Such a meeting should be represented by the Finance Ministry, Petroleum Ministry, Treasury officials and several other parties,” she has added.

The Deputy Minister has stressed that the government still runs on losses, but provides subsidies for the public to make their lives easier.

However, Gamage refuted allegations by Janatha Vimukthi Peramuna (JVP) MP Vijitha Herath, the newspaper adds.

Speaking to media on Wednesday, MP Herath charged that the government had failed to provide the benefit to the people despite global crude oil prices falling since last year.

He added that the government charges Rs.16 extra from a litre of diesel while a litre could be sold at Rs.79 instead of Rs.95. MP explained that the irony is IOC imports and sells 20 million liters of diesel monthly making an undue profit of Rs.32 million monthly affecting the ‘innocent citizens of this country.’