Sri Lanka hikes petrol pump price by 17 percent

COLOMBO (Thomson Financial) – Sri Lankan oil companies said Sunday they have raised petrol pump prices by 17 percent, the sixth increase this year amid high crude oil costs.

Petrol now costs 117 rupees per litre, Ceylon Petroleum Corp Chairman Asantha de Mel said.


‘The government gave us the go-ahead earlier this month for a monthly fuel price adjustment to reflect import costs,’ de Mel told Agence France-Presse.

The price hike also covers fuel retailer Lanka IOC, which controls a third of the local petrol market, its managing director K. Ramakrishnan said.

Other refined fuel prices have also increased this year. Diesel has risen 16 percent to 75 rupees per litre since April.

AFX