Power and Energy Minister Ranjith Siyambalapitiya said there was no way of introducing a price formula for electricity tariff even if his ministry wanted to. 

Issuing a statement, the Minister said his ministry had to seek the approval of the Public Utilities Commission before any increase in electricity charges. 

"The PUC also has to take the public opinion into consideration. This is a time-consuming process. Therefore, there is no practical way of introducing a price formula for electricity charges, " he explained. 

He said misleading information had reached the public on a possible price formula for electricity tariff. 

"There was a discussion to appoint a committee to investigate ways to offset the negative impact of fuel price hikes on electricity generation cost. This has nothing to do with a price formula concerning the public, " he added. 

The Minister said his ministry would meet the challenges posed by the recent fuel price hikes through "alternative means", without burdening the public.