Lanka IOC requests fuel price hike

Lanka IOC requests fuel price hike

October 17, 2021   11:34 pm

Lanka IOC has made a request to the government with regard to an increase in fuel prices, due the prevailing situation with regard to global oil prices.

LIOC Managing Director Manoj Gupta told Ada Derana that they are awaiting government approval to raise the price of petrol by Rs. 20 per litre and diesel by Rs. 30 per litre.

Meanwhile the Ceylon Petroleum Corporation (CPC) says the government has informed that it does not expect to increase fuel prices.

CPC chairman Sumith Wijesinghe says the government including the Ministry of Energy and the Ministry of Finance is currently discussing ways to provide relief to the people without raising fuel prices. 

The chairman said that neither the CPC nor the Finance Ministry or the government can control the increase in global oil prices and that they are expecting a solution from the government with regard to the fuel prices, if a price hike is not possible. 

Global oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand, Reuters reported.

Brent crude futures advanced 1% to settle at $84.86 per barrel. Front-month prices, which touched their highest level since October 2018 at $85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain.

U.S. West Texas Intermediate (WTI) crude futures settled 97 cents, or 1.2%, higher at $82.28 per barrel. The contract is heading for a 3.5% gain on the week, putting it on track for an eighth consecutive weekly rise.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

LIVE🔴Ada Derana Late Night News Bulletin 10.00 pm

LIVE🔴Ada Derana Late Night News Bulletin 10.00 pm

Widow of Priyantha Kumara receives $100,000 collected by Sialkot business community

None of these are natural crises, they were created by present administration - Anura Kumara

Will ex-IGP be released?

Farmers say paddy harvest has dropped by 60% in Anuradhapura District

'Sirimathipaya' declared open by President Rajapaksa

Suspect confesses reason for planting hand grenade inside church in Borella

Inland revenue trade unions issue warning over proposed new bill