Fuel prices slashed from midnight

Fuel prices slashed from midnight

January 10, 2019   09:23 pm

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As per the fuel price formula, the price of fuel will be reduced from midnight today (10), stated the Ministry of Finance.The prices of Petrol 92 Octane, 95 Octane and Auto Diesel per liter have been reduced by Rs 2.

However, the price of Super Diesel which is an environmental friendly fuel was reduced by Rs 3 per liter as it complies with Euro -04 Emission Standard as well.

Accordingly, the new prices are as follows.

Type of Fuel

Present Price/Liter

Reduced Price/Liter

Reduced By (Rs)

 

(Rs)

(Rs)

 

Octane 92 Petrol

125

123

2

Octane 95 Petrol

149

142

2

Auto Diesel

101

99

2

Super Diesel

121

118

3

 

Fuel prices are reviewed every 10th day of the Month under the fuel pricing mechanism by the Government.

Although the prices were reduced today, the international oil prices tend to increase continuously from the second week of January onwards, stated the Ministry.

The Ministry further stated that when the oil prices were upward revised on the last October 10, the price of a barrel of crude oil was US Dollar 85. It came down to USD 58 on October 26, and when the fuel prices were last reduced on December 21, the Crude oil price was USD 52.

However, from 2nd week of January 2019, the crude oil price and the prices of refined products are reported to be on the increase, according to the Ministry.

The crude oil represented by BRENT price index and the refined petroleum prices represented by Singapore’s PLATTs price are moving upward and by January 10 it has gone up to 59 US dollars.

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