Fuel prices slashed from midnight today

The Ministry of Finance has announced that the fuel prices would be reduced from midnight today (10).

Accordingly, Petrol 92 Octane has been reduced by Rs 2.00 per litre while Petrol 95 Octane was slashed by Rs 5.00 per litre.

Meanwhile, the price of a Super Diesel litre was also reduced by Rs 5.00.

However, the ministry said no changes have been made to the price of Auto Diesel.

The revised prices are as follows:

The Ministry of Finance introduced the fuel pricing formula in May 2018 to revise the fuel prices on the 5th of every two months.

As global fuel prices undergo frequent fluctuations, it was initially proposed to revise the fuel prices every week. However, considering the limited practical aspects of implementing this suggestion, the government subsequently decided to revise the prices on the 10th of every month.

Minister of Finance Mangala Samaraweera said last June that the benefits will be given to the consumers if the global fuel prices continued to reduce.

Accordingly, the committee on the fuel pricing formula has decided on a price reduction as the price of a crude oil barrel in the global market has gone down from USD 74 to USD 65.