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* Sri Lanka petroleum authority raises fuel prices, LIOC follows
Sat, Feb 23, 2013, 08:37 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 23, Colombo: Sri Lanka's state-owned petroleum authority, Ceylon Petroleum Corporation has raised fuel prices with effect from today.

The price of 90-octane petrol, 95-octane petrol and Super Diesel has been increased by Rs. 3 while Auto Diesel price has been increased by Rs.6 per liter effective midnight Friday (22).

Accordingly, the price of a liter of 90-octane will be Rs. 162 and 95-octane Rs.170. A liter of Diesel will cost Rs.121 and Super Diesel Rs. 145 from today.

The price of kerosene has been increased from Rs.111 to Rs.115, the CPC said.

The CPC recently said, due to providing fuel at subsidized prices and to the delay in payment by state institutions for fuel supplied, the authority incurred losses of approximately Rs. 95 billion last year despite hiking fuel prices several times.

The fuel authority says it incurs losses amounting to Rs. 16 on the sale of a liter of diesel and Rs. 26 on kerosene while the loss Rs. 40 is incurred on a liter of crude oil.

The private fuel supplier, Lanka Indian Oil Company (LIOC) announced that it has also increased the price of petrol by Rs.3 effective midnight yesterday.

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