Minister Gamini Lokuge says that the fuel prices of the Ceylon Petroleum Corporation (CPC) will be reduced with effect from midnight today (15).

He stated that the prices of Octane 92 Petrol, Octane 95 Petrol, Auto Diesel and Super Diesel will be reduced by Rs 5 per litre from midnight today.

The Minister of Labour, Foreign Employment and Petroleum Resource Development made this announcement during a press conference in Colombo today.

He said that the price of Octane 92 petrol which was Rs 145 per litre will be reduced to Rs 140 while Octane 95 will be reduced from Rs 172 per litre to Rs 167.

The price of Auto Diesel is to be reduced from Rs 116 to Rs 111 per litre and Super Diesel from Rs 141 to Rs 136.

During his speech in Parliament this morning, Prime Minister Mahinda Rajapaksa had declared that the government will be reducing the fuel prices tonight to provide much-needed relief to the masses.

The government had also reduced the prices of Octane 92 Petrol and Auto Diesel on November 01.

The price of a litre of Octane 92 Petrol had been reduced by Rs. 10 while the price of Auto Diesel will came down by Rs. 7.

The government had said that a cost based pricing mechanism will be implemented on fuel in place of the monthly fuel price formula.