Global crude oil prices crashed to its lowest in 16 months, dropping to $66.02 per barrel for Brent on Friday, from $66.99 on Thursday and $73.08 on Wednesday but local petroleum industry analysts said this was still unlikely to lower Sri Lankan fuel pries.

The last time it reached this level was in June 2007 when Brent crude was pegged at $68. The OPEC Basket was trading at $63.34 against $73.49 on Wednesday, according to the Central Bank. In the Singapore Refined Products market, petrol was trading at $73.90, diesel at $77.10 and kerosene at $85.60.