CPC to implement daily automated price revisions from next year

Sri Lanka
By Editor_1
Sri Lanka reduced fuel prices on Monday (September 30, 2024) based on production costs and global oil prices formula -ISHARA S. KODIKARA / AFP/File

COLOMBO – State run Ceylon Petroleum Corporation (CPC) is planning to implement a daily automated price revising system from next year, Minister of Power and Energy Kanchana Wijesekera said.

Sri Lanka revises the price of fuel on the first of every month, and affected the last price revision on August 31 with an across the board increase in both petrol and diesel ranging from 20 rupees to 2 rupees, and a 10-rupee reduction in the price of kerosene.

Lanka IOC also retails fuel at the same pricing margins, whilst Sinopec Energy Lanka (Pvt) Ltd, a unit of China’s Sinopec petroleum group, said it has started selling diesel and petrol at 3.00 rupees below the price set by CPP.

Wijesekera said CPC dealers had been briefed on the implementation of a daily automated price revising system from 2024, and had been asked to automate all fuel dispensing and stock taking facilities with new equipment.

The QR code-enabled fuel rationing system that was in operation in Sri Lanka for well over a year was suspended effective September 1.

In the wake of Sri Lanka’s worst currency crisis in decades in 2022, after several methods to control fuel queues and manage limited fuel stocks failed, authorities introduced the QR code system and a fuel quota in a bid to ration fuel and reduce queues.

-economynext.com

 

Editor_1
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