COLOMBO : Lanka IOC is to increase the price of Octane 92 Petrol and Auto Diesel with effect from midnight on Thursday,Oct.21.
The price of Octane 92 Petrol has been increased Rs. 05 per litre while Auto Diesel has also been increased by Rs. 05 per litre.
According to LIOC its Retail Selling prices for both Diesel (Lanka Auto Diesel) and Petrol (LP 92) by Rs 5/Ltr each due to huge losses on sales of both the products.
However, the prices of Lanka Super Diesel and LP 95 have been kept untouched. The losses are around Rs. 40/ltr on sale of Diesel and Rs. 20/ltr on sale of Petrol at the current international prices, the company said issuing a statement today.
LIOC said the last price revision took place on 12th June 2021. However, since then the Brent crude oil prices have increased from $72/barrel to $86/barrel in the international market.
The recent unprecedented rise in international oil prices has breached the 7-year highs, it said. As on date the international price of Gasoil 500ppm is $ 95.62/barrel and Gasoline92 is $ 99.37/barrel.
LIOC said it has been left with no other option but to increase the prices of Petrol and Diesel as the quantum of losses have become unbearable. They also informed that they have increased the prices to the minimum, taking into consideration of its impact on the industry and people at large.
