Sri lanka News – Sri Lanka’s petroleum utility said it had reduced the price of 92-Octane petrol by 40 rupees to 410 rupees a litre, while the diesel price is now slightly higher than petrol.
Petrol Octane 95 was cut by 30 rupees to 510 rupees.
Auto diesel remained at 430 rupees a litre and Super Diesel at 510 rupees a litre, Ceylon Petroleum Corporation said.
Diesel, which has a higher calorific value is more expensive to import and is usually priced higher than petrol in low inflation countries with better central banks like the UK.
Sri Lanka and some third world countries with bad central banks and little or no knowledge of economics, diesel is priced lower to keep ‘inflation’ down encouraging wide use of a more polluting fuel with some carcinogenic properties.
However in Sri Lanka there is no difference between the hire charges of petrol driven small trucks and vans and diesel driven ones.
Kerosene was at 340 rupees a litre and industrial kerosene 464 rupees. Some bus owners pump kerosene to diesel vehicles to keep prices down.
Global commodity prices including oil have started to fall with the US Federal Reserve hiking rates to reduce money printing. (Colombo/Oct01/2022)
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