Sri Lanka to revise fuel price every two months

May 11, 2018 (LBO) - Fuel prices in Sri Lanka will be revised every two months under a new cabinet approved pricing formula, Finance Minister Mangala Samaraweera said. "We will be reviewing according to the Platts Singapore benchmark prices," he told reporters in Colombo. "This means the price could either increase or decrease." Sri Lanka has the lowest fuel prices in South Asia. The price of the price of one litre of Petrol (92-Octane) in Nepal is 149 rupees while in Bangladesh and India its 159 and 169 rupees respectively. At present Sri Lanka charges around 58.80 rupees per litre of petrol. "This is also the lowest tax rate in the the region," Eran Wickremeratne,  state minister for Finance who was also at the press briefing said. Sri Lanka increased the prices of Petrol (92 octane) by 20 rupees to 137 rupees and petrol (95 octane) increased to 148 rupees while auto diesel will go up to 109 rupees and super diesel will be sold at 119 rupees effective from midnight , Thursday. Keeping an election promise the government under President Maithripala Sirisena reduced fuel prices sharply in 2015. In 2015 the price of a litre of 92-octane petrol was reduced from 157 to 117 rupees while the price of 95-octane petrol has been come down from 158 to 128 rupees. The Rajapakse government charged 157 rupees for petrol when the international oil price was US 49 dollars, now the price is US 77 dollars, Samaraweera said. "Because of the volatility in the market we beleive the price will go upto US 80 dollars soon."