Lanka IOC, the Indian Oil Company’s subsidiary in Sri Lanka, has welcomed the Government’s decision to increase the prices of petrol and diesel in line with the international prices.
Due to sharp increase in the prices of Petrol and Diesel in the international market and steep depreciation of rupee vis-à-vis US dollar, oil companies were continuously suffering huge losses, it said in a statement.
“Although LIOC had increased the prices marginally on Petrol and Diesel with effect from 24th March 2018, the company was still suffering huge under recoveries, as price hike was only partial.”
The current revision in the prices of Auto fuels by the Government of Sri Lanka will assist the oil companies to partially mitigate their losses on sale of Petrol and Diesel, it added.
Effective from midnight today, LIOC has also revised its prices as follows:
| Product | Revised Selling price (Rs./Ltr) |
| Lanka Auto Diesel | 111 |
| Xtra MILE | 114 |
| Lanka Super Diesel | 119 |
| Lanka Petrol 92 Octane | 137 |
| Xtra Premium EURO 3 | 143 |
| Xtra Premium 95 | 151 |
Lanka IOC further says that even after this price increase in Lanka Auto Diesel, the company will still have to bear an under-recovery of Rs.10/ltr at prevailing international prices.
LIOC said that the implementation of pricing formula for Auto Fuels is a welcome step in the interest of the economy of country.
