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Thursday, 31 May 2012 - 8:23
IOC asks for approval for increase in fuel price
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Lanka I.O.C has requested the Petroleum Corporation to increase the petrol and diesel prices again.

They request that the petrol price be increased by 10 rupees and the diesel price by 13 rupees.

A spokesman said that Lanka IOC has informed the Petroleum Corporation that this request was made due to the loss incurred continually.

As informed by Lanka IOC their loss from April sales was 360 million rupees.

However a spokesman said that continual loss occurred as the Petroleum Corporation also provided fuel subsidies.

The spokesman said that although the fuel price was gradually decreased in the world market, fuel would be supplied at the old price, since fuel required for several weeks has been stored.

The spokesman said further that if the world fuel price was decreased for about six months, some reduction in the fuel price could be made.

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