Petrol will go up by Rs. 5.00 a litre to 101 rupees, diesel by Rs.
3.00 to Rs. 67.00 a litre and kerosene, largely used by rural Sri Lankans, by Rs.
2.50 to Rs. 48.00 a litre.
The state oil giant is still losing on each litre of fuel despite the hike, petroleum minister A H M Fowzie told journalists, with losses totalling 1.
6 billion rupees each month.
Petrol should sell at 104 rupees a litre, diesel and kerosene at 70 rupees a litre to cover costs, calculated on a formula pegged to high world crude prices.
Without a price hike, monthly losses could soar to as much a three billion rupees, Fowzie said, though Ceypetco is still selling below Lanka Indian Oil Corporation.
Lanka Indian Oil Corporation (LIOC) raised prices of petrol and diesel by seven rupees a litre last week, with petrol selling at 105 rupees and diesel at 73 rupees a litre.
The Indian fuel retailer said the increase covered its costs, but says it is suffering up to 50 percent in volume losses due to the price d