Home / Front Page/ LIOC hails Govt. decision to implement pricing formula

LIOC hails Govt. decision to implement pricing formula


Comments / {{hitsCtrl.values.hits}} Views / Friday, 11 May 2018 00:00

Facebook

 

  • Despite marginal price revisions in March, still suffering losses as price hike was only partial

 Following the implementation of pricing formula by the Government, Lanka Indian Oil Company (LIOC),too, revised its auto fuel prices with effect from midnight, yesterday.

Issuing a statement, the company welcomed the implementation of pricing formula for auto fuels, insisting that it was a step in the interest of the economy of Sri Lanka.

LIOC raised Lanka Auto Diesel to Rs.111 a litre, Xtra MILE to Rs.114, Lanka Super Diesel to Rs.119, Lanka Petrol 92-Octane to Rs.137, Xtra Premium EURO 3 to Rs.143, and Xtra Premium 95 to Rs.151.

The current revision in the prices of auto fuels by the Government will assist the oil companies to partially mitigate their losses on sale of petrol and diesel, the firm said.

Even after yesterday’s price increase in Lanka Auto Diesel, LIOC said it will still have to bear an under-recovery of Rs.10 per litre at prevailing international prices.

This was the second time the company revised its prices. On 24 March, the company raised 92-octane petrol by Rs.9 to Rs.126, while Lanka Auto Diesel was increased by Rs.5 to Rs.100 a litre, insisting that the company was continuously suffering huge losses due to the sharp surge in the prices of petrol and diesel in the international market and steep depreciation of the rupee vis-à-vis US dollar.

Although the company had increased the prices marginally on Petrol and Diesel in March, LIOC said it was still suffering huge under recoveries as the price hike was only partial.

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Implementing SC Orders

Wednesday, 26 June 2019

The Supreme Court on 18 April has ordered six Ministries, their Secretaries and three Government authorities to take immediate several effective measures to be enforced in the design and construction of all parts of new buildings and services the pub


Need for an education revolution: Future of our kids and the nation is at risk – Part I

Wednesday, 26 June 2019

It is said that a country is only good as her people. A country belongs to her people. In a democratic country, people elect the leaders to manage the country on their behalf. Hence, to be hailed as a progressive country, it is paramount for a countr


Universalism versus tribalism

Wednesday, 26 June 2019

The most venerable Warakagoda Sri Gnanarathana Thero Mahanayake of the Asgiriya chapter has announced that his recent remarks, have been misconstrued and distorted. The authenticity of recorded information in cyber space is an inconvenient truth of t


A sermon on stoning

Tuesday, 25 June 2019

It is generally assumed we have passed the Stone Age, the Bronze Age, the Iron Age, the Industrial Age, and the Space Age.After a breath-taking dive in to the Digital Age, we are well on our way to the Age of Automation and Artificial Intelligence. N


Columnists More