Petrol hiked by Rs 77 per litre in Sri Lanka

Colombo, March 12

Sri Lanka’s state-run oil and gas entity Ceylon Petroleum has raised the price of petrol by 77 rupees and diesel by 55 rupees after Lanka IOC, the local subsidiary of India’s oil major Indian Oil Corporation, hiked fuel prices in the island nation. IOC had raised petrol and diesel prices by 50 rupees and 75 rupees, respectively.

The Ceylon Petroleum Corporation (CPC) price hike has seen the price of Octane 92 petrol rising by 43.5 per cent to a record 254 rupees a litre while diesel soaring 45.5 per cent to 176 rupees.

The latest Octane 92 petrol price is in par with Lanka IOC price while the diesel is still 38 rupees below the Lanka IOC price. “With lower prices at Lanka IOC, everyone was going there and we had to correct our own loss making,” Energy Minister Gamini Lokuge said. Lanka IOC does not receive any subsidy from the Sri Lankan government and its losses are calculated based on actual landed cost of the product. —