Lanka IOC slashes prices of own fuel varieties

Sri Lanka’s only private oil company that operates fuel retail outlets, Lanka IOC PLC said it was reducing the prices of two of its own fuel brands from midnight, yesterday.

Accordingly, the price of a litre of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) was reduced by Rs.2 each. 

The revised prices of Xtra Premium Euro 3 (petrol) and Xtra Mile (diesel) will be Rs.121 and Rs.97 per litre, respectively.

Sri Lanka has fixed prices for diesel and petrol but special varieties don’t come under them. The government is yet to introduce a transparent cost-reflective pricing mechanism for the fuel retailing sector.