July 31, 2006 (LBO) – Indian oil retailer Lanka IOC Monday raised fuel prices across the board by 5.00 rupees a litre to keep pace with galloping crude oil prices, its Managing Director said. Effective from midnight:
¢ Petrol 90 costs 98.00 rupees (from 93.00 rupees)
¢ Petrol 95 costs 101.00 rupees (from 96.00 rupees)
¢ Diesel costs 66.00 rupees (from 61.00 rupees)
¢ Super diesel costs 71.30 rupees (from 66.30 rupees).
“The actual selling prices of all fuel types should be 12-rupees more. We are only passing 5-rupees to our customers and absorbing the balance,” LIOCs Managing Director, K Ramakrishnan told LBO.
LIOC currently controls a third of Sri Lanka’s retail fuel market, and its pricing policy will not effect state-run Ceylon Petroleum Corp (CPC) filling stations.
“We are still waiting for Petroleum minister’s permission to raise our prices,” CPC spokesman S K Cyril said. Earlier this month, Ceypetco sought a 5-10 rupee revision on fuel prices, but the government has not committed itself due to political sensitivities.
With fresh stocks on the way, LIOC is transporting fuel by road from its 99-tank storage facility in Trincomalee, which