Historic fuel hike

Tuesday, 24 May 2022 12:33 -     - {{hitsCtrl.values.hits}}

The Government at dawn today increased fuel prices sharply, moving all forms above Rs. 400 per litre for the first time. As per the latest price revision of Ceylon Petroleum Corporation (CPC), a litre of 92 Octane petrol has increased by Rs. 82 to Rs. 420, while 95 Octane petrol up by Rs. 77 to Rs.450, auto diesel up by Rs. 111 to Rs. 400 and super diesel up by Rs. 116 to Rs. 445. Lanka IOC also announced that it has decided to increase fuel prices from *today* to match the CPC rates. The latest hike comes with the Government deciding to resort to an automatic pricing formula. Power and Energy Minister Kanchana Wijesekara said the fuel pricing formula was approved by the Cabinet of Ministers and applied when revising prices. He opined that the formula will be applied every fortnight or monthly.