Fuel Prices Increased Yet Again
Posted 12,March

By Chehan Jayasuriya

In Local News

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Lanka IOC announced increased fuel prices with effect from midnight, 10th March. Accordingly, the price per liter of diesel will be increased by Rs. 75 while the price per liter of petrol will be increased by Rs. 50.

This news comes amidst the depreciation of the rupee from Rs. 203 per USD to Rs. 260 per USD and scarcity in oil supplies caused by the Russian-Ukrainian war.

LIOC says it does not receive any subsidy from the Government of Sri Lanka. Its losses are calculated based on the actual landed cost of the product after considering payment of applicable duties, taxes & other statutory levies, including handling charges. 

“Lanka IOC is the only public limited energy company and accountable to its more than 10,500 local shareholders. Despite the unprecedented challenging situations, Lanka IOC has always remained committed towards the social upliftment through its several initiatives and strong environment conscience.”