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Fuel prices: LIOC moots price reduction

25 Sep 2022

By Skandha Gunasekara   The Lanka Indian Oil Company (LIOC) expects the Government’s consideration in relation to reducing fuel prices, given the drop in global crude rates. LIOC Managing Director Manoj Gupta told The Sunday Morning that he expected the Minister of Power and Energy to consider a price reduction, adding that the price of oil in the international market was now at a nine-month low. “The final decision on reducing oil prices is with the Minister of Energy, but given the significant drop in global oil prices, I think he should give consideration to reducing domestic prices,” Gupta said.  A price revision – if there were to be one – would be announced on 1 October, he said, noting that the calculation would be done on the basis of crude prices for the last 30 days. “The price revision is evaluated on the fuel prices of the last 30 days and not just one day, so the Minister will decide on these numbers,” he explained. According to market figures, Brent fell $ 4.31, or 4.8%, to settle at $ 86.15 a barrel – down about 6% for the week, while the US West Texas Intermediate (WTI) crude fell $ 4.75, or 5.7%, to settle at $ 78.74 – down about 7% for the week and the lowest since December 2021.  Attempts to contact Ceylon Petroleum Corporation (CPC) Chairman Muhammad Uvais and Minister of Power and Energy Kanchana Wijesekara regarding a possible fuel price change  failed.  

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