Lanka IOC raises prices

LIOC has increased its Retail Selling Prices for Diesel by Rs 15/Ltr and Petrol by Rs 20/Ltrw.e.f. today due to a significant rise in international fuel prices. The oil prices are consistently on a steeply rising trend. Brent crude oil prices are now over $100/barrel having an increase of more than 35% during the last one and half months. The unprecedented surge in international oil prices has already breached the 7 years highs.

The prevailing situation after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply coupled with supply shortage by Organisation of Petroleum Exporting Countries (OPEC) and their allies, which are driving oil prices which are expected to rise further with bullish market sentiments.

LIOC Managing Director Manoj Gupta said “presently the losses are very high as per current international prices and we are consistently requesting to the Government for an increase in fuel prices. However, the decision has not been taken yet. Considering the same we are compelled to increase the prices of Petrol and Diesel. However, even after this price increase, there would still be heavy losses at the prevailing international prices.

Under the pandemic situation, the country is also facing a severe foreign exchange crisis due to a reduction in forex inflow. An exorbitant increase in the global fuel prices is further adversely affecting the foreign exchange reserves of the country leading to difficulties in imports.

Lanka IOC is the only public limited energy company and is accountable to its more than 10500 local shareholders. Despite the unprecedented challenging situations, Lanka IOC has always remained committed to social upliftment through its several initiatives and strong environmental conscience.