Update: Fuel prices hiked following Cabinet nod for pricing formula

Update: With the increase in fuel prices today, the maximum amount of petrol that can be pumped into vehicles at one time has also been increased. 

Power and Energy Minister Kanchana Wijesekara announced the new limits a short while ago at the Cabinet press briefing. 

Accordingly, the limit for motor bikes has been increased from Rs. 2000 to Rs. 2500 and three-wheelers from Rs. 2000 to Rs. 3000. Limits for other vehicles has been increased from Rs. 8000 to Rs. 10, 000. 

Fuel prices have increased with effect from 3.00am today (24) after Cabinet approved the implementation of a fuel pricing formula, Minister Wijesekara said earlier. 

Accordingly, the price of a litre of 92 Octane will be increased by Rs. 82 while Octane 95 petrol will be increased by Rs. 77. 

The price of a litre of Auto Diesel will go up by Rs. 111 while Super Diesel will be increased by Rs. 116. 

The new prices of fuel announced by the Ceylon Petroleum Corporation (CPC) will be as follows:

•  Octane 92 Petrol - Rs. 420
• Octane 95 Petrol - Rs. Rs. 450
• Auto Diesel - Rs. 400
• Super Diesel - Rs. Rs. 445

The price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes. However, profits are not calculated and included, Minister Wijesekara explained on Twitter. 

Cabinet also approved the revision of transportation and other service charges. The formula will be applied every fortnight or monthly, the minister further said. He requested the transport sector to discuss the revision of rates and not to disrupt transportation for the candidates sitting the ongoing GCE O/Level examination.

The public sector workforce will be called to work on the direction of the head of the institute from today. Work from home will be encouraged to minimize the use of fuel and to manage the energy crisis, the minister added. 

Meanwhile, the Indian Oil Company (IOC) announced that it too will increase fuel prices with effect from today in line with the CPC's revised prices. 

Though a price revision was announced, long lines of vehicles were observed even this morning outside many filling stations as people waited for fuel. Protests have been reported from several areas in the country over the past few days, with roads being blocked by people who have demanded fuel.