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Diesel prices raised by Rs 75 per litre, petrol by Rs 50 per litre --Know what Lanka Indian Oil Company said

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                        The Lanka Indian Oil Company (LIOC), the Sri Lankan subsidiary of India's oil major Indian Oil Corporation has hiked the retail prices of petrol and diesel with effect from Friday due to the significant depreciation of the Sri Lankan Rupee, the third time the firm has increased fuel prices in a month.LIOC said that the retail price of diesel was raised by Rs 75 per litre and petrol by Rs 50 per litre.

                        The Sri Lankan Rupee has depreciated twice in the span of seven days by Rs 57 against the US Dollar. This has directly impacted the cost of oil and gasoline products making them dearer by an equivalent amount per litre. Oil and gas prices are also surging as western countries are responding to Moscow's invasion with numerous sanctions to isolate Russia and cut it off from the global oil markets, Manoj Gupta, Managing Director of LIOC said.

                        LIOC does not receive any subsidy from the Sri Lankan government and its losses are calculated based on actual landed cost of the product after considering payment of applicable duties, taxes and other statutory levies including handling charges.Our current losses are exorbitantly high considering current international prices leaving no other option but to increase the prices of gas oil and gasoline. However, it is a painful reality that even after this price increase, there would still be heavy losses at the prevailing international prices, Gupta added.

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