May 11, Colombo: Following the increase of prices by the state-run fuel supplier Ceylon Petroleum Corporation, its competitor Lanka Indian Oil Company, the Indian Oil Company's subsidiary in Sri Lanka, also decided to increase its fuel prices from midnight Thursday (May 10).
Welcoming the Sri Lankan Government's decision to increase the prices of petrol and diesel in line with the international prices Lanka IOC, said oil companies were continuously suffering huge losses due to sharp increase in the prices of Petrol and Diesel in the international market and steep depreciation of rupee vis-à-vis US dollar.
LIOC said although it increased the prices marginally on Petrol and Diesel with effect from 24th March 2018, the company was still suffering huge under recoveries, as price hike was only partial.
"The current revision in the prices of Auto fuels by the Government of Sri Lanka will assist the oil companies to partially mitigate their losses on sale of Petrol and Diesel," LIOC said in a statement.
LIOC said that the implementation of pricing formula for Auto Fuels is a welcome step in the interest of the economy of country.
Effective from midnight Thursday, LIOC will sell a liter of Lanka Auto Diesel at Rs. 111, Lanka Petrol 92 Octane at Rs. 137, Lanka Super Diesel at Rs. 119, Xtra MILE at Rs. 114, Xtra Premium EURO 3 at Rs. 143, and Xtra Premium 95 at Rs. 151.