Upward Revision

June 29, 2007 (LBO) – Sri Lanka has raised fuel prices by around 5 percent almost two months after the last price increase, after allowing petroleum utilities to run huge losses and the national currency to come under pressure. . Standard 90-octane petrol would increase by 5 rupees to 111 while standard auto Diesel would increase by 4 rupees from midnight Friday, the Ceylon Petroleum Corporation (CPC) said.

Fuel prices were last adjusted on May 11.

Diesel Petrol Gap

Super Diesel would go up by 4 rupees to 76 while 95-octane petrol would go up by 5 rupees to 114.

Kerosene which is heavily subsidized as it is used by poorer sections of society was raised by 16 rupees to 67.

Furnace oil of 1500 sec. grade has gone up from 43.70 to 47.70 while furnace oil of 3500 sec. has gone up from 38.65 to 42.65.

Sri Lanka overprices petrol which is used in small cars and motorcycles while keeping diesel prices low.

Diesel is used by businesses and it also drives 3 and 4 litre gas guzzling SUVs driven by politicians, senior government officials and the super rich sections of Sri Lankan society.

The country, a small island with less than 20 million people, has more than a 100 ministers, most o