The Government yesterday decided to reduce the petrol and diesel prices by Rs. 2 per litre.
However, the price of Super Diesel, which is an environmental-friendly fuel, was reduced by Rs. 3 per litre as it complies with Euro-04 Emission Standard as well.
Accordingly, Octane 92 Petrol was reduced from Rs. 125 to Rs. 123, Octane 95 Petrol from Rs. 149 to Rs.147, Auto Diesel from Rs. 101 to Rs. 99, Super Diesel Rs. 121 to Rs. 118. The new prices come in to effect from midnight Thursday 10 January.
Fuel prices are reviewed every 10th day of the month under the fuel pricing mechanism by the Government. Though the prices were reduced today, the international oil prices tend to increase continuously from the second week of January onwards.
When the oil prices were last revised upward on 10 October, the price of a barrel of crude oil was $85. It came down to $58 on October 26, and when the fuel prices were last reduced on December 21, the Crude oil price was $52.
However, since the 2nd week of January 2019, the crude oil price and the prices of refined products are reported to be on the increase. The crude oil represented by BRENT price index and the refined petroleum prices represented by Singapore’s PLATTs price are moving upward, and by 10 January it has gone up to $59.
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