Lanka IOC will invest between Rs. 750 to Rs. 1 billion on developing its Trincomalee terminal to expand bunkering of Marine Gas Oil (MGO) in the coming months, Lanka IOC Managing Director Shyam Bohra told journalists at a media briefing to launch the Euro 4 standard fuel in Sri Lanka last week.
He said the company will invest a substantial amount on upgrading its fuel stations across the country currently comprising 207 outlets. We hope to increase the number of stations to around 250 within the next three years.
‘LIOC is pleased with the Government’s move to introduce the fuel pricing formula to reflect global oil prices. We will reduce fuel prices when global market prices come down and pass on the benefit to consumers,” Bohra said.
The company revised it fuel prices upwards early this month and accordingly 92 Octane petrol is priced at Rs. 146 a litre, Euro 4 95 Octane at Rs. 158 and Auto Diesel at Rs.118 a litre.
The cost reflective pricing formula for fuel came into effect in May this year and it would be revised once in two months. Lanka IOC officially launched the Euro 4 standard fuels XtraPremium 95 Petrol (Euro 4) and Lanka Super Diesel (Euro 4) at its flagship retail outlet in Bambalaptiya last week. LIOC was the first to provide auto fuels with additives to enhance fuel economy and efficiency.
Euro 4 fuels are used across the world as a cleaner, lower emission fuel. The standard is being expanded further across countries to enhance fuel efficiency and maintain lower carbon emission levels.
“We are always prepared to launch cleaner and greener fuels whenever better fuel standards are called for by the Government. We will always support the Government of Sri Lanka in its endeavour to provide greener fuels for the country,” Bohra said.
He said the company completed its pilot initiative of automating its nine retail outlets last year. ‘Now we are ready for a major roll out of retail outlets automation during the year. “Upgrading to Euro 4 reduces the toxic sulfur level from 500 PPM to 50 PPM (parts per million) in case of XtraPremium 95 Octane petrol. Similarly other pollutants such as lead and benzene are also drastically reduced ensuring cleaner air,” an official of the company said.