Fuel prices revised again in Sri Lanka. The new prices are effective from midnight on 30th September. Accordingly, the prices of 92 octane petrol, auto diesel and super diesel have been increased. Meanwhile, there has been no change in the prices of 95 octane petrol and kerosene.
Following this price revision by the Sri Lanka Petroleum Corporation, Sri Lanka IOC has also revised its fuel prices to the same extent. As a result, vehicle owners and fuel consumers will have to face the new prices as early as October.
These revisions have been made in accordance with the fuel price changes prevailing in the international market and the pricing system of the country. Recent changes in the international fuel market are also affecting domestic prices in Sri Lanka.
Increase in price of 92 octane petrol and diesel
As per the new price revision, the price of 92 octane petrol has been increased by Rs 15 per litre. According to this, the new price of a liter of 92 octane petrol, which was sold at Rs 399, has been fixed at Rs 414.
As 92 octane petrol is one of the most widely used fuel types in Sri Lanka, this price hike may have a direct impact on daily vehicle usage. Especially those who use vehicles daily for office work and business activities have to expect a change in their monthly fuel costs.
Meanwhile, the price of auto diesel has also been increased by Rs 10 per litre. Auto diesel, which was previously priced at Rs 382, is now being sold at Rs 392. The rise in diesel prices is an important issue not only for individual vehicle owners but also for the transport and logistics sectors.
As buses, lorries and various commercial vehicles use diesel, a change in fuel costs can also impact the day-to-day costs of those sectors. However, it cannot be said that the prices of all goods and services will immediately rise to the same extent when fuel prices rise. Many factors including transportation cost, maintenance, wages and market conditions also determine the final price.
A significant hike has been reported in Super Diesel prices. A liter of super diesel has been increased from Rs 478 to Rs 528. Accordingly, there has been an increase of 50 rupees per litre. Super diesel is the fuel type that has seen the highest price hike in the new revision.
95 octane petrol and kerosene prices remain unchanged
It is to be noted that the prices of all fuel types have not been increased in the new price revision. The price of 95 octane petrol remains unchanged at Rs 475 per litre. Similarly, the price of kerosene remains at Rs 285 per litre.
Thus, this price revision did not result in a direct price hike for vehicle owners using 95 octane petrol. The lack of change in current prices is also important for households and small business activities that use kerosene.
The impact of rising fuel prices is not limited to vehicle use. If the transportation costs increase, the cost of moving goods from one place to another is also likely to increase. The impact may later be reflected in the prices of some commodities sold in the market.
Especially people who use motorcycles, tricycles and cars for daily commute have to recalculate their fuel costs. Businesses may also need to consider changes in their transportation and distribution costs.
Meanwhile, since fuel prices are linked to international market conditions, whether prices will rebound in the future will depend on factors such as international oil prices, import costs and changes in the country’s pricing regime.
After the current revision, 92 octane petrol is sold at Rs 414, auto diesel at Rs 392 and super diesel at Rs 528. 95 octane petrol continues at Rs 475 and kerosene at Rs 285.
With the new rates coming into effect from the beginning of October itself, it will be interesting to see how the change affects the daily expenses of transport, commerce and the public in the coming days.