Lanka IOC reduces price of a litre of 92 Octane petrol

COLOMBO (News 1st): Lanka IOC has decided to reduce the price of a litre of 92 Octane petrol by Rs. 5 with effect from midnight on Friday (May 22), to be in par with CEYPETCO fuel prices. On the 17th of May, Lanka IOC increased the price of a litre of 92 Octane petrol by Rs. 5. Accordingly, a litre of 92 Octane petrol can be purchased at Rs. 137 from Lanka IOC filling stations.

LIOC spokesman clarified that “As part of our commitment to stand in solidarity with our valued customers, the citizens of Sri Lanka in these challenging and unprecedented times of COVID-19 pandemic, wherein best efforts are in place to ensure the early revival of the economy, we have decided to absorb the losses on sales of Petrol due to increased import duties. The Oil market crash in March’2020 has led to the dismal performance during the Jan-Mar’2020 Quarter resulting in a loss of Rs.346 Mn to the Company ”

There were recent calls from the ruling faction to boycott IOC filling stations after the recent price increase. Former UPFA MP Dilan Perera at a recent press conference of the Sri Lanka Podujana Peramuna (SLPP) asked the voters to boycott the IOC filling stations. "If the LIOC was adamant on increasing prices despite a drop in global oil prices, the governments first step to control this would be to call on the voters to avoid LIOC fuel shed said, Fmr. MP Dilan Perera.