The retail prices of fuel have been revised with effect from midnight today based on the fuel pricing formula, the Finance Ministry said.
The breakdown of the fuel price increase are as follows: Lanka Petrol (Octane 92) by Rs.6 per litre where the revised price is Rs.155, Lanka Petrol (Octane 95) Euro 4 has seen an increase of Rs.8 per litre and will be sold at Rs.169. A litre of Lanka Super Diesel four Star Euro 4 will be increased by Rs.8 and the revised price is Rs.141.
The prices of Auto Diesel would remain unchanged.
According to the pricing formula implemented by the government to determine monthly fuel prices, the price of diesel needed to be increased by Rs.11, the Finance Ministry said.
However, the government had decided not to increase diesel prices due to the adverse effect it would have on the public, especially in relation to the transport sector and the fishing industry, they said.
Last May Cabinet approved the fuel pricing formula to help determine local fuel prices according to the fluctuation of international crude oil prices and the exchange rate of Sri Lankan currency.
The previous month's fuel price revision was calculated according to this fuel pricing formula. At that time, the price of a barrel of crude oil was USD 75 which had now risen to USD 84.
In Parliament yesterday Finance Minister Mangala Samaraweera said as a sensitive government they did not increase the fuel prices in line with international fuel price increases.This is why we took the decision not to increase the price of diesel due to the adverse effects it would have on key sectors. (Chaturanga Samarawickrama)
What a change we earned in 2015! When are u leaving us yahapalanaya?
save Wednesday, 10 October 2018 08:21 PM
keep going up.The destination is not so far.RIP Sri Lanka
Modaya Wednesday, 10 October 2018 08:41 PM
Great news...hip hip hurray...long live Ranil long live yahapalana
Gamaya Wednesday, 10 October 2018 08:59 PM
Hello Modaya, Fuel is still cheaper than 2014 December.
MADUKRM22 Wednesday, 10 October 2018 08:45 PM
Bala Wednesday, 10 October 2018 08:47 PM
I cannot understand this emphasis on 'price formula' as if that is the reason for price increase. Earlier a method was used which did not have proper fixed basis so a specific base formula is being used now. Even the earlier 'method' would have resulted in an increase when world prices of oil increase and our rupee also depreciates. Much ado about nothing.
Arnold Thursday, 11 October 2018 07:25 AM
Please start the light railway, so that we dont need to use our 1000 cc cars which costs double the price of a 5000 cc car in other countries.
Advisor Thursday, 11 October 2018 08:54 AM
Must Declare 10 of Every Month as Day of Decision for Good or Bad - Waiting for the Good the last 3 months
Nihal Amarasekera Thursday, 11 October 2018 10:47 AM
Sky is the limit; fall will be thunderous with the acceleration due to GRAVITY.
Nilnuwan Thursday, 11 October 2018 12:34 PM
What is the formula of fuel pricing?
Vasa Thursday, 11 October 2018 04:56 PM
If the price of petrol is subsidized the Public will have to pay in some form or another.the heavy debt burden and the fall of exports has resulted in the depreciating of the rupee.we have to pay for the past sins.
Vasa Thursday, 11 October 2018 05:16 PM
Any Govt in power has two options.a)stop subsidizing and increase prices when prices go up and reduce prices when world market prices come down.or)ubsidise fuel and borrow to cover up the loss ,thereby increase the debt burden and depreciate the rupee further.which one would you choose?