COLOMBO : The Ceylon Petroleum Corporation (Ceypetco) has announced a significant revision of fuel prices effective from midnight on Monday, March (09) in the wake of rising global fuel prices owing to the Middle East conflict.
Accordingly, the price of Auto Diesel has been increased by Rs. 22 to Rs. 303 per litre while Super Diesel has been hiked by Rs. 24 to Rs. 353 per litre.
Petrol 92 Octane has been increased by Rs. 24 and Petrol 95 Octane by Rs. 25 with the new prices set as Rs. 317 and Rs. 365, respectively.
The price of a litre of Kerosene has been hiked by Rs. 13 to Rs. 195.
Meanwhile, Lanke IOC has also revised fuel prices in line with the Ceypetco prices.
The revised rates are as follows:
Auto Diesel – Rs. 303 (increased by Rs. 22)
Super Diesel – Rs. 353 (increased by Rs. 24)
Petrol 92 Octane – Rs. 317 (increased by Rs. 24)
Petrol 95 Octane – Rs. 365 (increased by Rs. 25)
Kerosene – Rs. 195 (increased by Rs. 13)
Speaking on the “Ada Derana Big Focus” program today (09), Professor Priyanga Dunusinghe of the Department of Economics at the University of Colombo had stated that the government must take prompt steps to prepare for the likely increase in domestic fuel prices given the global trend.
He explained that global crude oil prices have risen sharply, noting that the price of Brent crude stood between US$ 92 and US$ 93 per barrel last Friday, but climbed to around US$ 115 per barrel when markets opened on Monday.
According to Prof. Priyanga Dunusinghe, the increase in global oil prices will likely result in higher prices for petrol, diesel, and gas, while also pushing up electricity generation costs, especially where fuel is used for power production.
Professor Dunusinghe further noted that Octane 92 petrol in Sri Lanka could rise to around Rs. 360–370 per litre if the global trend continues.
