CPC and Lanka IOC increase fuel prices

2019-02-11 at 22:48

Fuel prices have been revised as of midnight yesterday under the monthly fuel pricing formula.

Accordingly a litre of 92 Octane has been increased by Rs.6 while a litre of 95 Octane was increased by Rs.5.

A litre of Auto Diesel was increased by Rs.4 while a litre of Super Diesel was increased by Rs.8.

Accordingly a litre of 92 Octane will be sold at Rs.129 from today while a litre of 95 Octane will now be sold at Rs.152.

A litre of Auto Diesel will be available at Rs.103 and a litre of Super Diesel will now be sold at Rs.126.

The Ministry of Finance said according to prices in the world market fuel prices should have been increased by Rs.9.59.

However the Ministry noted the increase in prices was restricted to the above in order to refrain from burdening the public.

Since the introduction of the monthly fuel pricing formula in May last year, fuel prices have been increased on four occasions while prices were reduced on five occasions.

The Ministry of Finance said it observed that despite the revised fuel prices, fares of various modes of transportation have been increased by unreasonable percentages.

The Ministry said the revised fuel prices are still at a lower rate in comparison to fuel prices in May 2018.

Therefore the Ministry highlighted, there was no requirement for bus, three-wheel and other transport charges to be increased.

Meanwhile the Lanka Indian Oil Company has also revised fuel prices in line with the government’s decision to increase prices.

A litre of 95 Octane Petrol has been increased by Rs.5 to Rs.155.

Furthermore a litre of Auto Diesel has been increased by Rs.4 and will be sold at Rs.103, while the price of a litre of Super Diesel is now Rs.126 following a Rs.9 increase.

Lanka IOC stated a litre of 92 Octane Petrol will remain unchanged at Rs.131.