Colombo: Sri Lanka’s fuel retailers — Ceylon Petroleum Corporation, Lankan IOC and Sinopec — on Monday hiked the prices of oil and gas, citing the increase in global petroleum rates.
The price rise of fuel by the retail companies also came as debt-ridden Sri Lanka has started to execute stringent reforms to generate revenue to stabilise its economy.
Ceylon Petroleum Corporation (CPC) is a state-owned fuel company in Sri Lanka.
The Lankan Indian Oil Company (LIOC) is the subsidiary company in Sri Lanka of the Indian Oil Corporation and Sinopec, a Chinese company that recently got permission to operate in the island
nation.
“The retail prices of fuel have been raised with effect from Monday with all three fuel retailers CPC, LIOC and Sinopec affecting price changes,” said an official statement.
After the price hike, Sinopec’s retail prices remain the lowest compared to both CPC and LIOC.
The Octane 92 petrol is being sold at rupees 358 per litre at Sinopec stations while the CPC and LIOC are selling the litre at 365 rupees.
Similarly, with auto diesel and super diesel varieties, the Sinopec prices remain lower than CPC and LIOC retail prices.
Sinopec last month followed the Indian Oil Company’s local operation LIOC to become the third player in the local fuel retailing operations.