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Lanka IOC increases fuel prices, again

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COLOMBO (News 1st); Lanka IOC has decided to increase its Retail Selling Prices of Petrol (Gasoline) by Rs 35/ltr and Diesel (Gasoil) by Rs 75/ltr with effect from Sunday (17) midnight.The revised LIOC prices per litre are as follows:Petrol (92 Octane) – Rs.

338/-Petrol (95 Octane) – Rs. 367/-Petrol Euro 3 – Rs. 347/-Auto Diesel – Rs. 289/-Super Diesel – Rs. 327/-Full Statement Below:Rupee devaluation by more than 60% during last one-month since 7th March 2022, compelled Lanka IOC to again increase its Retail Selling Prices of Gasoline by Rs 35/ltr and Gasoil price by Rs 75/ltr wef today midnight.Rupee is constantly devaluing against the dollar after floating by CBSL since 7th March 2022 and reached to Rs 330 per US$ from the level of 203, making fuel import much costlier.

All Licenced commercial banks in the country are facing huge crunch in foreign exchange inflow despite the sharp rupee depreciation.

Exporters are not coming forward for conversion of foreign currency even at the rates higher than the official rates.Even though the international prices are stable since last one week amid the surge in COVID cases in China and preparation of International Energy Agency for releases of oil reserves, the currency depreciation is increasing the fuel import cost significantly.In a media statement Mr.

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18-year-old drums for Pearl Jam as Matt Cameron continues COVID recovery
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