World Bank Vice President Hartwig Schafer said he congratulated Finance and Media Minister Mangala Samaraweera on many reforms the latter championed in the last 12 months, including the fuel price formula. 

"Met with Finance Minister Mangala Samaraweera and congratulated him on the many reforms he championed in the last 12 months: Inland Revenue Act; the Fuel pricing formula; National Audit Act; and the Active Liability Management Act," Schafer tweeted after meeting with Samaraweera. 

Samaraweera's fuel price formula, however, has drawn severe criticism from many quarters, including President Maithripala Sirisena. The price formula was introduced as part of an economic reform programme initiated by the UNP-led government. 

Addressing a meeting with newspaper editors and media heads a few months ago, Sirisena said the fuel price formula had earned the ire of the public. 

Soon after former President Mahinda Rajapaksa was appointed the Prime Minister on October 26 last year, the latter scrapped Samaraweera's price formula and reduced the fuel prices.