(UTV | COLOMBO) – The Lanka Indian Oil Corporation has increased fuel prices again.
The fuel price hike is effective from today(11), and marks the highest fuel price hike in the history of Sri Lanka.
Accordingly, a litre of all types of diesel will increase by Rs.75 and a litre of all types of petrol will increase by Rs.50.
Accordingly, a litre of 92 Octane will be sold at Rs.254 while a litre of diesel will be sold at Rs.214 from tomorrow.
This is the third time in 32 days that Lanka IOC has increased fuel prices.
Meanwhile, Lanka IOC issuing a statement said the decision was taken due to the prevailing dollar crisis in the country and the rupee being floated.
LIOC Managing Director Manoj Gupta said such a decision was reached from a business perspective to avoid losses stemming from the increase in crude oil prices in the world market and the devaluation of the Sri Lankan rupee.
The statement added that if the price of crude oil in the world market drops in future, the benefit of such a development will be awarded to the public.