Fuel prices down by a minimum of Rs.2 from last night

Published : 9:11 am  January 11, 2019 | No comments so far |  | 


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Untitled-6By Chaturanga Samarawickrama   

The retail prices of fuel have been revised with effect from last night based on the fuel pricing formula introduced by the government in 2018, the Finance Ministry said. 


Fuel prices had decreased as follows:- 

Petrol (Octane 92) by Rs. 2 per litre with the revised price being Rs.123, Petrol (Octane 95) by Rs.2 per litre to be sold at Rs.147, A litre of Super Diesel will come down by Rs. 3 and will now be sold at Rs.188. Euro 4 Emission Standard Fuel had also come down by Rs. 3 from the earlier selling price.   

Meanwhile, a litre of Auto Diesel is to be sold at Rs. 99 after the price was reduced by Rs. 2. Lanka Kerosene was the only petroleum product that saw no change the price of which will remain at Rs.70 per litre.   

The fuel price is a result of the pricing formula on fuel introduced by the Yahapalana Government where fuel prices would be either increased or reduced on the 10th of every month based on global market prices prevailing at the time.   

Though fuel prices were reduced last night, global oil prices continued to rise as has been the trend from the start of the year.   

When the crude oil prices were revised upwards on October 10 last year, the price of a barrel of crude oil was US$ 85 but by October 26, 2018 it had come down to US$ 58 a barrel and when the fuel prices were last reduced on December 21, the price of a barrel of crude oil was US$ 52.   

The price of crude oil in the BRENT price index and the refined petroleum prices shown in Singapore’s PLATTs price index had shown an upward trend and by yesterday (10) the price of a barrel of crude oil had reached US$59.