Why are Sri Lankans paying more for fuel? Champika demands answers

Former Minister Patali Champika Ranawaka has called on the government to immediately disclose Sri Lanka’s fuel pricing formula, questioning the gap between international fuel prices and the prices charged to consumers locally.

In a statement, Ranawaka presented a comparison based on Singapore FOB prices as of October 2, calculated at an exchange rate of Rs. 330 to the US dollar.

According to the figures cited by Ranawaka, the estimated FOB price of a litre of Octane 92 Petrol was Rs. 292, based on a barrel price of USD 141, while the current local retail price is Rs. 414.

For Octane 95 Petrol, he cited an estimated FOB price of Rs. 305 per litre, based on USD 147 per barrel, compared with the local retail price of Rs. 475.

Ranawaka said Auto Diesel was estimated at Rs. 350 per litre based on a barrel price of USD 169, while it is sold locally at Rs. 392 per litre.

He also cited an estimated FOB price of Rs. 367 per litre for Super Diesel, based on USD 177 per barrel, compared with the current Sri Lankan retail price of Rs. 528.

Ranawaka further said crude oil, at USD 103 per barrel, worked out to approximately Rs. 213 per litre using the same exchange rate.

The former minister called for the government to reveal how the final retail prices are calculated, saying the public, including motorcycle riders, three-wheeler operators and bus owners, should be informed of the components that make up the fuel price.

He also sought an explanation regarding the supply of fuel oil to the Ceylon Electricity Board at Rs. 210, questioning the profit generated through those transactions. (Newswire)

The post Why are Sri Lankans paying more for fuel? Champika demands answers appeared first on Newswire.