Octane 95 up Rs 2 | Sunday Observer

Octane 95 up Rs 2

Fuel prices were revised from midnight Friday in keeping with the pricing formula based on the platts Singapore benchmark prices introduced in July to revise prices on the 10th of every other month. Accordingly the price of petrol (Octane 92) and Auto diesel will remain unchanged at Rs. 145 and Rs. 118 per litre.

However, the price of petrol (Octane 95) has been increased by Rs. 2 to Rs. 157 and Super diesel by Rs. 1 to Rs. 130 a litre.

Finance Minister Mangala Samaraweera said that the government expected world oil prices will remain at the July 20th price of US$ 78 a barrel but since August 3 the price went up to the July 6th price of $ 81.67 a barrel. We hope fuel prices will come down in the coming months.

Fuel prices were last revised on July 5 and accordingly a liter of petrol (Octane 92) was increased by Rs. 8 to Rs. 145, petrol (Octane 95) by Rs. 7 to Rs. 155, Auto diesel by Rs. 9 to Rs. 118 and Super diesel by Rs. 10 to Rs. 129.

World oil prices in the OPEC Basket was $ 72.03 and $ 71.77 a barrel according to the Brent index on Friday.

Global oil prices are slated to surge if further US sanctions on Iran comes into force.