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Fuel prices reduced

ITN News Editor
By ITN News Editor January 11, 2019 18:53

Fuel prices reduced

Fuel prices were reduced with effect from midnight yesterday. Fuel prices decreased again following the review undertaken based on the price formula carried out on the 10th of every month.

With the present Government assuming office in the year 2015, action was initiated to reduce the prices of petrol, diesel and kerosene. A litre of petrol 92 and 95 in the year 2014 prevailed at 162 and 170 rupees. During the last three and a half year period, a litre of petrol 92 and 95 was given to consumers at the rate of 117 and 128 rupees. At the end of last year, according to the price formula a litre of petrol 92 and 95 costs 125 and 149 rupees respectively.

The new prices are determined through the price formula which is effective based on price revisions in the world market. The Ministry of Finance and Mass Media announced that the price of a litre of petrol and diesel has been reduced by two rupees with effect from midnight yesterday. The price of a litre of super diesel of the Euro four variety, an environment friendly type of fuel has been reduced by three rupees. Accordingly, the price of a litre of Octane 92 petrol has come down up to 123 rupees. A litre of Octane 95 petrol costs 142 rupees. The new price of a litre of Auto diesel is 99 rupees while the new price of a litre of Super diesel is 118 rupees.

However, the Ministry of Finance and Mass Media announced that the price of fuel in the Singaporean Brent Market continuously increased during the last two weeks.

By now the price of a barrel of crude oil has exceeded the 59 US Dollar limit. According to price fluctuations in the World Market, scholars pointed out that the Government was attempting to manage the prices without causing any disadvantage to the consumer by the price formula effective according to price changes in the world market.

ITN News Editor
By ITN News Editor January 11, 2019 18:53

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