Fuel Prices In Sri Lanka And India See Unbroken Northward March: Depreciating Rupee And Rising Crude Oil Prices Main Reasons

September 11, 2018

The Ministry of Finance increased fuel prices for the third consecutive time last night, under the newly introduced price formula. 

Under the revised prce, the price of Petrol 92 Octane has been increased from Rs 145 to Rs 149 (a litre), Petrol Octane 95 increased from Rs 157 to Rs 161, Auto  Diesel from Rs 118 to 123, Super Diesel from Rs 130 to 133. 

In addition to the state-owned Ceypetco, Lanka IOC too announced a price hike this morning. 

LIOC said Petrol(92 octane) would be sold at Rs 150 a litre, Petrol(95 octane) at Rs 164, Diesel at Rs 123 and Super Diesel at Rs 133. 

While introducing the formula, Finance and Media Minister Mangala Samaraweera said the fuel prices in Sri Lanka would fluctuate according to the global market prices. 

The fuel price hike, according to many experts, is mainly due to depreciating rupee and rising crude oil prices. 

A similar trend is seen in India too as fuel prices have seen an irreversible northward move since August 01.

In India, Petrol further gained 14 paise yesterday to reach Rs 80.87/litre in Delhi and Rs 88.26/litre in Mumbai. While, diesel is selling at Rs 72.97/litre in Delhi and Mumbai petrol pumps are selling diesel at Rs 77.47/litre

Both Sri Lankan and Indian rupees have touched an all time low against the US Dollar. 

© 2017 Asian Mirror (pvt) Ltd