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Sri Lanka raises petrol, diesel prices, future revisions weekly

ECONOMYNEXT – Sri Lanka is tipped to raise prices under a price formula from midnight on July 05, and changes are expected to happen weekly, Treasury sources said.

Ceylon Petroleum Corporation is expected to raise Lanka Petrol 92 Octane by 8 rupees (now 137), 95 Octane by 7 (now 148), Lanka Auto Diesel by 9 (now 109), and Super diesel by 10 (now 119), sources said.

The prices will hold for a week.

Sri Lanka had earlier said prices will be revised every two months, based on the average Singapore price of the last two months.

Oil prices which was a little over 70 dollars when prices were first hiked in May fell as low as 65 dollars last year before bouncing back.

In developed countries, prices change daily. Since the changes are small there is no rush to top up tanks before prices are raised. (Colombo/July05/2018)

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