No change in fuel prices despite drop in global crude oil prices

By Chaturanga Samarawickrama  

Despite the fact that the price of a barrel of crude oil has dropped significantly in the global market, no fuel price revision will come into effect for the second quarter of this month.  

Meanwhile, Brent Crude futures settled at US$ 93.91, while a barrel of WTI crude oil was recorded at US$88.52 last morning (Aug 16).  

However, according to amendments made to the fuel pricing formula, the fuel price revision is expected to take place on the 1st and 15th of every month as per the fluctuation of prices in the global arena.  

On August 1, after amending the fuel prices, the Ceylon Petroleum Corporation (CPC) reduced only the price of a litre of Lanka Auto Diesel by Rs. 10, announcing the new retail price as Rs. 430.  

There were no changes made in the prices of petrol, kerosene and other diesel varieties.  

Accordingly, the retail price of a litre of Lanka Petrol 92 Octane is Rs.450, Lanka Petrol 95 Octane Euro 4 is Rs.540, Lanka Super Diesel 4 Star Euro 4 is Rs.510 and Lanka Kerosene is sold at Rs.87.