CPC and Lanka IOC fuel prices revised

October 11, 2018

The Ministry of Finance has announced revised fuel prices, based on the Cabinet-approved fuel pricing formula, with effect from today.

Accordingly, the price of a litre of Octane-92 has been increased by Rs.6 to Rs.155 while a litre of Octane-95 has been increased by Rs.8 to Rs.169.

A litre of Super Diesel has also been increased by Rs.8 to Rs.141 while Auto Diesel prices remain unchanged at Rs.123.

The Ministry said, according to the fuel pricing formula, the price of a litre of Auto Diesel should be increased by Rs.11 but added after considering the impact on the public, the transport sector and the fisheries industry, the government decided against the price revision.

The newly formulated fuel pricing formula was approved by the Cabinet of Ministers on the 9th of May.

Accordingly, a five member committee, consisting of the Deputy Treasury Secretary, a representative of the President, Prime Minister and the Ministry of Petroleum Resources Development convenes monthly to determine fuel prices.

The Finance Ministry added during the September fuel price revision, a litre of crude price in the global market was 75 dollars per barrel as of the 10th of September, adding at present it has increased to 84 dollars a barrel.

Meanwhile the Lanka Indian Oil Company also increased fuel prices in line with the increases at Ceylon Petroleum Corporation operated filling stations. Accordingly a litre of Octane-92 will be sold at Rs.155, a litre of Octane-95 at Rs.172, while a litre of Auto Diesel will be sold at Rs.129 and a litre of Super Diesel at Rs.141.