Lanka IOC also hikes fuel prices

Lanka IOC also hikes fuel prices

October 11, 2018   07:28 am

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Lanka IOC has also revised the prices of fuel with effect from midnight yesterday (10), following the hike in CPC fuel prices.

Revised Prices (per litre):

92 Octane Petrol - Rs 155

95 Octane Petrol - Rs 172

Auto Diesel - Rs 129

Super Diesel - Rs 141

The finance ministry had decided to raise the price of gasoline by 4 percent to 155 rupees a litre and kept diesel steady at 123 rupees at state-run Ceylon Petroleum Corp (CPC) during a review meeting on Wednesday.

“The Government in order to reduce the adverse effect on the people especially the Transport and Fishery sector has decided not to increase the price of Auto Diesel, though it needs to be increased by 11 rupees a Liter under the Fuel Price Formula,” a statement said.

Fuel retailers raised gasoline prices for a fourth time in five months on Wednesday due to a rise in global oil prices and a weaker rupee, but kept diesel prices unchanged to minimise inflation.

Both CPC and Lanka IOC, the only other fuel retailer in Sri Lanka and a subsidiary of Indian Oil Corp , raised prices in May and July to prevent losses.

The government has been revising fuel prices according to a price formula once a month since May.

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