Fuel prices down from midnight yesterday

January 11, 2019

The government has reduced fuel prices as of midnight yesterday.

Accordingly the Ministry of Finance said a litre of 92 Octane and 95 Octane and a litre of Auto Diesel has been reduced by Rs.2 while a litre of Super Diesel was reduced by Rs.3.

A litre of 92 Octane that was previously sold at Rs.125 will be sold at Rs.123 from today.

A litre of 95 Octane that was previously Rs.149 will be sold at Rs.147 while a litre of Auto Diesel that was available at Rs.101 will now be available at Rs.99.

A litre of Super Diesel that was previously sold at Rs.121 will be sold at Rs.118.

Fuel prices were amended according to the monthly fuel pricing formula that was reintroduced by the government.

However the government said there is a possibility that fuel prices in the world market could increase in future.

The last fuel price revision according to the fuel pricing formula took place on the 10th of October last year, at which time a barrel of crude oil was being sold at 85 US dollars in the world market.

Fuel prices reduced last on the 21st of December 2018 with a barrel of crude oil dropping to 52 US dollars.

However as of the second week of January, the price of a crude oil barrel has seen an increase and is currently being sold at 59 US dollars.

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

Accordingly the Lanka IOC stated a litre of 92 Octane Petrol will be sold at Rs. 131 following a Rs. 2 reduction.

A litre of 95 Octane Petrol has also been reduced by Rs. 2 and now stands at Rs. 150.

Furthermore a litre of Auto Diesel has also been reduced by Rs. 2, placing the new price Rs. 99, while the price of a litre of Super Diesel is now Rs. 118 following a Rs. 3 reduction.