The retail prices of fuel have been revised with effect from midnight today based on the fuel pricing formula, the Finance Ministry said.
Accordingly, the prices of fuel were decreased as follows:
Petrol (Octane 92) per litre will be decreased by Rs.2 and the revised price is Rs.123, Petrol (Octane 95) will be sold at Rs.147, decreased by Rs.2 per litre. One litre of Super Diesel will be lowered by Rs.3 and the new price will be Rs.118. It will also comply with Euro - 04 Emission Standard fuel and will be sold with a reduction of Rs. 3 from its earlier price.
Meanwhile, one liter of Auto Diesel would be sold at Rs.99 and the price was decreased by Rs.2. However, the price of Lanka Kerosene will remain at Rs. 70 per litre.
The fuel price is based on the pricing formula that was introduced to come into effect on the 10th of every month based on global market prices
Though the prices were reduced tonight, the global oil prices tend to increase continuously from the second week of January onwards. When the crude oil prices were upward revised last October 10, the price of a barrel of crude oil was US$ 85 but it came down to US$ 58 on October 26, and when the fuel prices were last reduced on December 21, the Crude oil price was US$ 52.
However, since the second week of January 2019, the crude oil price and the prices of refined products are expected to be higher.
The crude oil represented by BRENT price index and the refined petroleum prices represented by Singapore’s PLATTs prices are on an upward trend and by January 10 it has gone up to 59 US$. (Chaturanga Samarawickrama)