Sri Lanka cuts petrol, diesel prices

ECONOMYNEXT – Sri Lanka has cut petrol by 10 rupees a litre and diesel by 7 rupees a litre, from midnight tonight, the finance ministry said in a statement.

Lubricants for two-stroke engines used by three wheelers and small agro engines has also been cut by 10 rupees a litre.

A "cost based pricing mechanism will be implemented on fuel in place of the monthly fuel price formula," the statement said.

Sri Lanka started a re-pricing fuel on a formula monthly from May 2018.

The statement came as Sri Lanka is in the grip of a political crisis after President Maithripala Sirisena appointed Mahinda Rajapaksa as Prime Minister and Finance Minister and the parliament is suspended. (COLOMBO, 01 November, 2018)


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