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Costly Ride

January 4, 2007 (LBO) – Gasoline prices in Sri Lanka will go up by 5-percent, to keep pace with rising world oil prices that are currently hugging the 60 dollars a barrel mark, the government said Thursday. A net oil importer, Sri Lanka's fuel bill climbed up to around to 2.2 billion dollars last year, from 1.6 billion in 2005.

With effect from Friday, petrol at the pump will cost 97.00 rupees, Ceylon Petroleum Corp. Chairman Asantha de Mel said.

The price hike will also cover Indian fuel retailer Lanka IOC, which controls a third of the local fuel market.

The price revision does not cover diesel and kerosene, which current sells at 60.00 rupees and 48.00 rupees a litres respectively, he said.