SriLanka, Oct. 12 -- Three foreign companies - Lanka Indian Oil Company, RM Parks and Sinopec- await formal communication from the Energy Ministry to decide on fuel pricing for their supply in the local market amid fluctuations in the world market, an informed source said.

These companies are collectively responsible for 35 percent of supply in the local market.

Energy Minister Aruna Karunatilake told journalists that private players were free to set prices.

However, a source close to these companies said they could act only after a written communication from the Ministry with a ceiling on prices of each petroleum product .

"Then, we can set our prices below the maximum ceiling announced by the Ministry or the Ceylon Petroleum Corpora...