Pumping up presidential pledge: Fuel prices cut

Thursday, 22 January 2015 01:03 - - {{hitsCtrl.values.hits}}

The new Cabinet at its first meeting last night decided to reduce fuel prices with immediate effect. The reduction ranged between a low of 14% and a high of 22%. The price of a litre of 96 Octane is down 20% or Rs. 30 to Rs. 128, 92 Octane by 22% or Rs. 33 to Rs. 117, a litre of diesel down by 14% or Rs. 16 to Rs. 96, super diesel by 17% or Rs. 23 to Rs. 110. A litre of kerosene is now priced at Rs. 65, down 20%. Power and Energy Minister Champika Ranawaka said last night that the reduction follows the Cabinet deciding to remove taxes slapped on fuel in keeping with the pledge made by Maithripala Sirisena during his presidential campaign. Ranawaka also said that a price formula will be introduced to determine fuel prices in the near future in tandem with fluctuations in global markets.

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