Petrol in Sri Lanka would be Rs117 a litre if price formula was on: ex-Finance Minister
ECONOMYNEXT – Retail fuel prices in in Sri Lanka would be about 20 rupees down with 92-Octane petrol at 117 rupees a litre from the current 137 if a price formula introduced by him was in effect, ex-Finance Minister Mangala Samarawera has said.
Oil prices had come down to around 45 dollars a barrel now from 65 dollars when he last changed fuel prices, Samaraweera said in a statement.
The price of auto diesel would be down to 84 rupees a litre from the current 104, he said.
Octane 95 petrol would be down to 141 from 161, Super Diesel down to 112 to from 132 a litre he said.
Following Presidential elections in November the price formula was scrapped, but ministers have said periodic adjustments would be made.
This week prices collapsed after oil use fell amid global Coronavirus epidemic, and Saudi Arabia deliberately cut prices after Russia refused to cut production to shore up prices.
Sri Lanka’s Treasury could recoup some of the losses from a steep cut in value added tax in January, by not fully cutting petrol prices, analysts say. (Colombo/Mar10/2020)