Sri Lanka hikes fuel prices; petrol Rs 129

ECONOMYNEXT  – Sri Lanka has hiked petrol by 6 rupees to 129 a litre and diesel by 4 rupees to 103 a litre under a monthly pricing formula, the finance ministry said.

Octane 95 pertrol had been raised by 5 rupees to 152 rupees and Super diesel by 8 rupees to 126 rupees a litre.

The finance ministry said under its formula, diesel should have been raised by 9.59 rupees.

Sri Lanka’s state-run Ceylon Petroleum Corporation follows the announced prices.

Lanka IOC the second distributor which also generally follows the prices, sold higher than the formula price after the last price cut.

Lanka IOC had said the price are not truly cost-reflective as terminal costs are not included. LIOC made losses in the last quarter after several price cuts were made amid a political crisis. (Colombo/Feb11/2019 – SB)

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