Friday, 11 January 2019 05:55

Fuel prices reduced fourth straight time

The Government today decided to reduce the Petrol and Diesel prices by Rs 2 per liter each. However, the price of Super Diesel which is an environmental friendly fuel was reduced by Rs 3 per liter as it complies with Euro -04 Emission Standard as well.

Accordingly, the new prices, which come in to effect from midnight Thursday January 10, are as follows.

Type of Fuel

Present Price/Liter (Rs)

Reduced Price/Liter (Rs)

Reduced By (Rs)

Octane 92 Petrol

125

123

2

Octane 95 Petrol

149

147

2

Auto Diesel

101

99

2

Super Diesel

121

118

3

Fuel prices are reviewed every 10th day of the Month under the fuel pricing mechanism by the Government. Though the prices were reduced today, the international oil prices tend to increase continuously from the second week of January onwards. When the oil prices were upward revised on the last October 10, the price of a barrel of crude oil was US Dollar  85. It came down to USD 58 on October 26, and when the fuel prices were last reduced on December 21, the Crude oil price was USD 52.

However, since 2nd week of January 2019, the crude oil price and the prices of refined products are reported to be on the increase. The crude oil represented by BRENT price index and the refined petroleum prices represented by Singapore’s PLATTs price are moving upward and by January 10 it has gone up to 59 US.dollars.

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