Fuel prices reduced from midnight

Keeping its election promise the new government under President Maithripala Sirisena has reduced fuel prices with effect from midnight yesterday.

Accordingly price of a litre of 92 octane petrol has been reduced from Rs. 150 to Rs. 117 while the price of 95 octane petrol has been come down from Rs. 158 to Rs. 128. A litre of Lanka auto diesel and super diesel which were Rs. 111 and Rs.138 respectively have been reduced to Rs. 95 and Rs.110, while kerosene has come down from Rs. 81 to Rs. 65 per litre.

The Power and Energy Ministry said today in a statement that a price formula that would suit the country’s economy would be presented soon, after considering the fluctuations of fuel prices in the world market and that another set of relief measures were also in the pipeline. Earlier, on Tuesday, State Minister Palitha Ranga Bandara said at a meeting at the Ceylon Petroleum Corporation (CPC) that a reduction in fuel prices was to be expected soon and that the new prices would be officially announced on Independence Day, February 4.

However, the government had decided today to implement the price reduction forthwith. The minister also said that a price revision formula for LP Gas was also in the offing and would be made public soon. Fuel prices were reduces twice during the tenure of President Mahinda Rajapaksa -- first on the eve of the Uva Provincial Council election and then on December 6 last year, prior to the recently concluded presidential election.