With the monthly fuel price revision scheduled for today (10), the price of a barrel of petrol in the global market increased by $ 2.40 while diesel went up significantly by $ 3.96 since the last price revision a month ago. The Singapore Platts price of a barrel of petrol, according to which Sri Lanka imports fuel, increased 3.9% to $ 61.35 from its 10 January price of $ 58.95 while the price of a barrel of diesel went up 5.4% to $ 73.18 from $ 69.22. While according to the fuel price formula it would be safe to assume there would be a price increase today, it is far from certain due to the Government’s actions last month. Despite a significant rise in global oil prices, on 10 January, Sri Lanka reduced the price of a litre of 92 octane petrol by 1.6%, 95 octane by 1.3%, auto diesel by 2%, and super diesel by 2.5%. The global oil prices were increased due to expected tightening supply amid US sanctions on Venezuela and production cuts led by the Organisation of the Petroleum Exporting Countries (OPEC). International industry observers believed the sanctions would sharply limit oil transactions between Venezuela and other countries, and are similar to but slightly less extensive than those imposed on Iran last year. The fuel price formula is adjusted based on Platts Singapore benchmark prices which is the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarised by the Standard and Poor’s Platts, a Singapore-based market wire service.