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CPC and LIOC reduce prices by Rs. 10-20

18 Jul 2022

  • CPC goes first, LIOC follows suit
  • Global oil below $ 95 a barrel for first time since Russian invasion
The Ceylon Petroleum Corporation (CPC) reduced fuel prices yesterday (17), while Lanka IOC subsequently followed suit with an identical price reduction. Accordingly, both companies have slashed the price of a litre of 92-Octane petrol by Rs. 20 and 95-Octane petrol by Rs. 10 per litre, while Auto Diesel has been reduced by Rs. 20 per litre and Super Diesel by Rs. 10 per litre. Accordingly, the new CPC fuel prices are as follows: Petrol (92-Octane): Rs. 450 per litre Petrol (95-Octane): Rs. 540 per litre Auto Diesel: Rs. 440 per litre Super Diesel: Rs. 510 per litre This is Sri Lanka’s first fuel price reduction for the year, with global oil prices rising this year amidst the Ukraine-Russia war and its impact on the energy market. Russian President Vladimir Putin’s full-blown invasion of Ukraine caused prices to soar earlier this year, with both Brent and West Texas Intermediate briefly trading above $ 130, as Western countries retaliated by imposing sanctions on Russia, one of the world’s biggest exporters. Oil prices have fallen below $95 a barrel for the first time since Russia invaded Ukraine, as fears of an impending global recession grip commodity markets and batter forecasts for demand. Both major benchmarks for crude shed more than $ 5 a barrel last Thursday (14), or more than 5%, adding to a broad rout over the past six weeks. Brent, the international benchmark, fell as low as $ 94.50 a barrel. It closed at $ 96.84 on 23 February, the day before Russia invaded Ukraine. The US marker dropped to $ 90.56, below its close of $ 92.10 before the war.


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