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* Sri Lanka increases fuel prices with immediate effect
Sunday, May 25, 2008, 1:34 GMT, ColomboPage News Desk, Sri Lanka.

May 24, Colombo: The Ceylon Petroleum Corporation (CPC) has adjusted fuel prices effective at midnight tonight (May 24), despite the assurance given by Minister of Petroleum Resources A.H.M. Fowzie yesterday evening that there will be no immediate price hikes.

According to the CPC, the new price per litre of 90 octane petrol will increase from Rs. 127 to Rs. 157 and a litre of 95 octane petrol from Rs. 130 to Rs. 170. A litre of diesel will be sold at Rs. 110, an increase of Rs. 30. Kerosene meanwhile has been increased by Rs. 10 per litre.

Prior to the CPC increase in petrol and diesel prices, Lanka IOC PLC increased its selling price of a litre of diesel to Rs. 100 on May 21 and has now increased it further to match the CPC selling prices as of midnight tonight.

“We have also increased the prices of petrol and diesel sold at our filling stations to match the CPC selling prices. We have increased the diesel to Rs. 100 on Wednesday but have revised the price to Rs. 110 with immediate effect,” Lanka IOC Managing Director K. Ramakrishnan told ColomboPage.

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