Colombo, March 22 – Sri Lanka's state-owned Ceylon Petroleum Corporation announced a revision of fuel prices.
All fuel products, including auto diesel, petrol, and kerosene, saw price increases ranging from 60 rupees (0.19 US dollars) to 90 rupees per litre, effective from midnight on Saturday. Lanka IOC, another major petroleum company in Sri Lanka, said it would align its prices with the revised rates set by the corporation.
This marks the third price hike of fuel in Sri Lanka in less than a month. Previously, the country's petroleum companies adjusted fuel prices on February 28 and March 9. For example, the price of auto diesel has now reached 382 rupees per litre, compared to the pre-price-hike price of 281 rupees per litre.
Due to the sharp increase in fuel prices, around 90 per cent of privately operated buses were expected to be withdrawn from service on Sunday, according to the Lanka Private Bus Owners' Association (LPBOA).
LPBOA President Gemunu Wijeratne said bus owners had decided not to operate services after fuel prices were raised on March 21, describing the increase as the highest percentage hike recorded. He noted that diesel prices had risen by 31 per cent.
He added that bus services are expected to resume once fares are revised, as operators have indicated that current rates are not sufficient to cover costs under the new fuel pricing. The LPBOA said that a minimum fare increase of 15 per cent is expected.
The National Transport Commission, Sri Lanka's public bus service provider, also said it would implement measures to revise bus fares on March 22, with calculations currently underway.
Bus operators have previously pointed out that several earlier fuel price increases were not followed by fare adjustments.