Sri Lanka furnace oil prices unchanged

ECONOMYNEXT – Sri Lanka’s state-owned refinery, Ceylon Petroleum Corporation, has not raised the price of furnace oil yet despite a hike in prices of other products to keep up with rising crude oil prices, officials said.

The price of furnace oil remains at 80 rupees a litre although discussions on a price hike were going on, they said.

Sales of furnace oil, which is supplied to the Ceylon Electricity Board and industries for power generation, had grown sharply last year owing to increased thermal power generation because drought reduced hydro-power capacity.

The ceramic and glass industries had been calling on the government to introduce a formula based pricing system for furnace oil linked to world crude oil prices.

The government announced Thursday retail fuel prices would be changed every two months with a formula using Platts Singapore benchmark prices.

Sri Lanka raised 92 Octane petrol to 137 rupees from 117 rupees a litre and auto diesel to 119 rupees a litre from 109 rupees.
(COLOMBO, May 11, 2018)

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