Lanka IOC has decided to restore the price of 92 petrol to be on par with Ceylon Petroleum Corporation (CPC) prices by reducing Rs. 5 per litre at midnight yesterday.
An LIOC Spokesman clarified: “As part of our commitment to stand in solidarity with our valued customers, the citizens of Sri Lanka, in these challenging and unprecedented times of COVID-19, wherein best efforts are in place to ensure early revival of economy, we have decided to absorb the losses on sale of petrol due to increased import duties.”
“The oil market crash in March 2020 has led to the dismal performance during the Jan-March quarter resulting in a loss of Rs. 346 million to the company,” the statement added.
While price of diesel is already the same as per CPC sheds, the price of petrol 92 would also be the same at Lanka IOC sheds from midnight on Friday at Rs. 137 per litre.
Lanka IOC reiterated its commitment to remain a strong partner in serving Sri Lanka in the fulfilment of the country’s energy needs at affordable price.