LIOC hikes petrol by Rs. 49 again citing global pressures

Saturday, 26 March 2022 00:53 - - {{hitsCtrl.values.hits}}

Lanka IOC once again jacked up the petrol price by Rs. 49 with immediate effect, citing heavy impacts due to currency depreciation and high global prices.

However, the price of diesel remains unchanged at present.

A release from LIOC stated since the floating of the rupee since 7 March, fuel imports had become significantly costlier.

“Despite this exorbitant upward revision in exchange rates by more than 40%, the banks are still struggling to sense the liquidity in the foreign exchange inflow in the banking channels even over and above the official rate.

“Besides the domestic economic crisis, the global tension amidst the Ukraine-Russia war neared to one month with no conclusion in sight, causing concern over supply scarcity of Oil, leading to intense unforeseen rise in the international fuel prices setting a new high record in the last 14 years,” LIOC Managing Director Manoj Gupta said.

This is the third price hike in a single month. The last fuel price revision by LIOC was done on 11 March when the exchange rate was prevailing at Rs. 260 against the dollar.

He also said the oil companies are severely affected due to these unprecedented situations from all the corners, and they were compelled to increase the prices of gasoline for sustainable business operations.