Prices of Super diesel and petrol sold locally by the Lanka IOC Company have been reduced by Rs 2 per litre.
Accordingly, effective today, one litre of Extra premium Euro 3 petrol will be sold at Rs. 121.
In addition a litre of Extra mile diesel will be sold at 97 rupees.
Lanka IOC Managing Director Shyam Bora told our news team that the prices were revised following the price reduction of fuel in the world market.
Prices of super diesel and petrol were reduced on March 1st, however they were increased again on July 1st.
Bora said that a price formula should be introduced to tally the price fluctuations of the world oil market.
Petroleum Resources Development Ministry Secretary Sudarma Karunarathna said that the proposal to introduce an oil price formula has already been presented to the Cabinet.
She went on to say that the prices of petroleum could not be changed locally according to the price fluctuation of the world oil market, until the price formula is approved by the Cabinet.