Fuel prices to be revised today

Fuel pumping

The special committee on fuel prices will convene this morning to revise domestic fuel prices, based on the Cabinet approved monthly pricing formula.

The Ministry of Finance said the revised fuel prices according to the monthly fuel pricing formula, is expected to be announced later today.

The fuel pricing formula which was approved by the Cabinet of Ministers comes into effect on the 10th of every month.

However, according to the spokesperson from the Finance Ministry, the crude oil prices have been continuously on the rise since February 01st.

On February 11th, the committee had increased the fuel prices in line with the fuel pricing formula. The prices of one litre of Petrol Octane 92 and the Auto Diesel were increased by Rs 6 and Rs 4 respectively.

A litre of Super Diesel was increased by eight rupees during the previous revision. A litre of 92-Octane petrol is currently sold at 129 rupees while a litre of 95-Octane petrol is being sold at 152 rupees. A litre of Auto Diesel is being sold at 103 rupees while a litre of Super Diesel is being sold at 126 rupees.

Subsequently, Lanka IOC also increased the fuel prices in line with the price hike announced by the government.

The price of a WTI crude oil barrel in the global market is being sold at 56.16 US dollars at present.