World · Sri Lanka Bureau
Lanka IOC, Sinopec hike Octane 95 petrol prices by Rs. 20 per litre
Major fuel retailers have raised the pump price of Octane 95 petrol as global crude costs continue to impact domestic market rates. The increase takes effect from late October.
LSN Sri Lanka ·
Lanka IOC PLC and Sinopec have both increased the retail price of Octane 95 petrol by Rs. 20 per litre, effective from midnight on October 25. The move brings the new benchmark price to Rs. 495 per litre at their respective filling stations across the island.
The price adjustment reflects ongoing volatility in international petroleum markets. Both fuel retailers typically align their pricing strategies in response to fluctuations in global crude oil benchmarks and foreign exchange movements affecting import costs.
Lanka IOC and Sinopec are among the country's largest fuel distributors, with extensive retail networks serving consumers nationwide. Their pricing decisions often set the benchmark for other retailers operating in the competitive Sri Lankan fuel market.
The increase comes amid broader economic pressures facing consumers, with fuel costs forming a significant component of transport and living expenses. Motorists and commercial operators will face higher operating costs as the new rates take effect.
Photo: A filling station in Negombo, Sri Lanka, January 2012. Daibo Taku via Wikimedia Commons (CC BY 3.0).