Fuel prices increased in line with IMF expectations

Fuel prices have been increased in line with the expectations of the International Monetary Fund (IMF).

Co-cabinet spokesman Minister Rajitha Senaratne said that the Ceylon Petroleum Corporation (CPC) will increase fuel prices from midnight today.

Accordingly 92 Octane petrol will be sold at Rs 137 per litre, 95 Octane Rs 148, Auto Diesel Rs 109 and Super Diesel Rs 119 per litre.

The price of kerosene will also be increased to Rs 101.

Lanka IOC said that it will also be increasing fuel prices. LIOC said that 92 Octane petrol will be sold at Rs 137 per litre, Lanka Auto Diesel Rs. 111 and Lanka Super Diesel Rs. 119 per litre.

The Government said the price increase will be part of a new price formula which will be followed in future. Finance Minister Mangala Samaraweera said that fuel prices in Sri Lanka will be revised every two months according to the Platts Singapore benchmark prices.

“This means the price could either increase or decrease.” he told reporters today.

The IMF had said last month that subject to cabinet approval of an automatic fuel pricing mechanism—consistent with the three-year Extended Fund Facility (EFF)-supported program, the IMF Board is expected to consider Sri Lanka’s request for completion of the fourth review in June 2018.

The IMF had said that the measure would represent a major step towards completing energy pricing reforms in 2018. (Colombo Gazette)