June 19, 2018 (LBO) – Sri Lanka’s Petroleum Ministry is looking at introducing a new type of petrol for Motorcycles and Three Wheelers giving the consumers an economic relief.
Petroleum Minister Arjuna Ranatunga says the required tests to introduce this new type of petrol are now being conducted successfully.
“We were compelled to increase fuel prices recently even though we did not want to do it,” Minister Ranatunga said.
“So we are now looking at proving an economic relief to the public by introducing a new type of petrol which will be targeted at Three Wheelers and Motorcycles.”
Petroleum Ministry last week said Euro 4 standard Octane 95 Petrol and Super Diesel will be introduced to the market in mid-July at the same price.
The ministry further said that Octane 92 Petrol and Auto Diesel will still be available in the market.
Last month, Sri Lanka increased the prices of petrol, diesel, and kerosene, as requested by the Extended Fund Facility, supported program of the International Monetary Fund.
Finance Minister Mangala Samaraweera introducing the new changes said fuel prices will be revised every two months under a new cabinet approved pricing formula.
IMF commending the step said automatic fuel pricing mechanism marks a major step toward completing the energy pricing reforms that are underway in Sri Lanka which minimizes fiscal risks.