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Finance Ministry today reduced the custom duty on Petrol from Rs 15 to Rs 5/= per liter to maintain the current market prices.
Earlier Lanka Indian Oil Company (LIOC), the second player in Sri Lanka's petroleum market, has sought the permission of Sri Lanka government for a price increase due to the escalation of petroleum price in international markets.
LIOC Managing Director Suresh Kumar told media that the company has sought a price increase of Rs. 3 to 5 for a liter of diesel and Rs. 15 for a liter of petrol.
The Secretary of Petroleum Industry Titus Jayawardena earlier said that the government has not taken a decision regarding the petroleum price although the LIOC has sought permission for a price increase.
He pointed out that as a concession to LIOC and the state owned Lanka Petroleum Corporation, the government has decided to reduce the import tax for petrol from Rs. 15 per liter to Rs. 5 per liter. No import tax is levied on diesel.
The Petroleum Ministry last week said that despite requests made by LIOC there would be no price hike in petroleum prices in the immediate future.
The price of oil on world commodity exchanges was growing Monday morning as reports arrive that demand for fuel will increase due to positive outlooks on U.S. and European economies.
The price of a February futures contract for WTI light sweet crude in electronic trading on Nymex was up 35 cents to $89.46 a barrel by 7:00 Moscow time. The price of a February futures contract for North Sea Brent blend was up 46 cents to $98.06 in London.
Oil prices rose on January 21 with February WTI contracts up to $89.11 a barrel and February Brent contracts up $1.02 to $97.60.
Earlier Lanka Indian Oil Company (LIOC), the second player in Sri Lanka's petroleum market, has sought the permission of Sri Lanka government for a price increase due to the escalation of petroleum price in international markets.
LIOC Managing Director Suresh Kumar told media that the company has sought a price increase of Rs. 3 to 5 for a liter of diesel and Rs. 15 for a liter of petrol.
The Secretary of Petroleum Industry Titus Jayawardena earlier said that the government has not taken a decision regarding the petroleum price although the LIOC has sought permission for a price increase.
He pointed out that as a concession to LIOC and the state owned Lanka Petroleum Corporation, the government has decided to reduce the import tax for petrol from Rs. 15 per liter to Rs. 5 per liter. No import tax is levied on diesel.
The Petroleum Ministry last week said that despite requests made by LIOC there would be no price hike in petroleum prices in the immediate future.
The price of oil on world commodity exchanges was growing Monday morning as reports arrive that demand for fuel will increase due to positive outlooks on U.S. and European economies.
The price of a February futures contract for WTI light sweet crude in electronic trading on Nymex was up 35 cents to $89.46 a barrel by 7:00 Moscow time. The price of a February futures contract for North Sea Brent blend was up 46 cents to $98.06 in London.
Oil prices rose on January 21 with February WTI contracts up to $89.11 a barrel and February Brent contracts up $1.02 to $97.60.
