Published: Sat, May 12, 2018
Electronics | By Kelly Massey

Sri Lanka hikes petrol, diesel prices: Cabinet approves fuel pricing formula

Sri Lanka hikes petrol, diesel prices: Cabinet approves fuel pricing formula

Accordingly, the revised price of 92 octane petrol stands at 137 rupees per litre, while 95 octane petrol price per litre stands at 151 rupees at Lanka IOC sheds.

Welcoming the Sri Lankan Government's decision to increase the prices of petrol and diesel in line with the worldwide prices Lanka IOC, said oil companies were continuously suffering huge losses due to sharp increase in the prices of Petrol and Diesel in the global market and steep depreciation of rupee vis-à-vis USA dollar.

ET reported that Petrol and Diesel prices across the country, which have remained frozen for the past 16 straight days, remained unchanged on Wednesday too.

This price revision was announced by Co-Cabinet Spokesman: Minister Dr Rajitha Senarathna at the weekly Cabinet Briefing today.

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Additionally, the price of a litre of kerosene increased to 101 rupees, which is a price hike of 57 rupees per litre.

Fuel price will increase according to a new formula which will fix the prices according to global pricing of crude oil, the Minister of Finance, Mangala Sammaraweera said.

Petrol and Diesel prices at retail pumps operated by IOC, Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) across the country have remained unchanged since 24 April even as the benchmark worldwide fuel prices have increased on the back of surge in crude oil prices.

Chairman of the Consumer Affairs Authority: Hasitha Thilekerathne emphasizes that such practices are an "offence", and if detected, fuel stocks at such filling stations would be confiscated. Certain traders have also begun concealing stocks.

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