Sinopec Energy Lanka Private Limited has decided to revise its fuel prices from midnight yesterday. With the new price revision, Octane 92 petrol and Lanka Auto Diesel will be sold at retail prices approved by the Oil Corporation, while Octane 95 and Lanka Super Diesel prices have been revised according to the prevailing international market prices, subject to government approval.
The revised new prices are as follows
These new prices are effective until further notice, and Sinopec further states that prices may change in the future based on government regulatory requirements and approvals.
Both companies have set the same price for regular petrol and diesel, and it is noteworthy that Sinopec has set a higher price for premium products than Cipetco.
According to this price revision, the Ceylon Petroleum Corporation (Cypetco) is at risk of facing severe financial pressure due to the large price difference, especially in the premium fuel categories. This is because a large number of customers are avoiding Sinopec filling stations and coming to the corporation filling stations, which is likely to increase the corporation’s profit.
While Sinopec has increased its prices by Rs. 122 and 219 (for premium fuel) according to the international market price, Cipetco has increased the same fuel by a small amount, such as Rs. 90.
As Cipetco controls prices and keeps them low, more consumers are turning to the corporation, and the gap between the current cost and the selling price means that the corporation’s financial losses are likely to increase further.
