Fuel Cost

Dec 29, 2009 (LBO) – Sri Lanka’s state-owned refiner, the Ceylon Petroleum Corporation, said it will cut fuel prices from midnight Tuesday. It said in a statement that the price of a litre of 90 Octane petrol will be reduced to 115 rupees from 130 rupees now while 95 octane petrol will be sold at 133 rupees a litre compared with 148 rupees now.

The move comes despite higher global oil prices which are seen staying firm because of robust demand for heating fuel during the northern hemisphere winter and reviving demand from major economies coming out of recession.

The government has been reducing prices of a host of commodities ahead of presidential polls next month.