The price of petrol and diesel has been reduced by Rs 7 per litre while kerosene has been reduced by Rs 5 per litre with effect from midnight today (5), the Ceylon Petroleum Corporation (CPC) said.
The fuel price reduction comes ahead of snap presidential elections in January and two months after it cut energy prices across the board.
“Don’t link this to the election in any way. As a result of the drop in world oil prices, better management and better debt collection we were able to reduce the prices,” Minister of Petroleum Industries Anura Priyadharshana Yapa said on Saturday.
India, Indonesia and Malaysia have also cut fuel subisidies in recent weeks to take advantage of lower world prices and reduce fuel subsidy bills which have strained their finances.
