IOC seeks permission to increase oil prices

Tuesday, 30 August 2016 - 20:00

The Lanka IOC has requested the government to increase the prices of diesel and petrol.

The company told our news team that it was compelled to take this decision following the recent increase in production tax.

Managing Director of Lanka IOC Shyam Bohra told our news team that the production cost of his company has increased by 56% following the new tax increment.  

The production cost on diesel was increased by the government from Rs. 3 to  Rs. 10 last week.

Our news team contacted Minister of Petroleum and Petroleum Gas Chandima Weerakkody to comment on the request submitted by the Lanka IOC.

The Minister noted that the Lanka IOC has sought an appointment with him to discuss several issues with regard to the company.