COLOMBO, March 22 (Xinhua) -- Sri Lanka's state-owned Ceylon Petroleum Corporation announced a revision of fuel prices effective from midnight on Saturday.
All fuel products, including auto diesel, petrol and kerosene, saw price hikes ranging from 60 rupees (0.19 U.S. dollars) to 90 rupees per liter. 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's time. Previously, the country's petroleum companies adjusted fuel prices on Feb. 28 and March 9. The price of auto diesel, for instance, has now reached 382 rupees per liter, compared to the pre-price-hike 281 rupees per liter.
Due to the sharp increase in fuel prices, around 90 percent of privately operated buses were expected to be withdrawn from service on Sunday, according to the Lanka Private Bus Owners' Association (LPBOA).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 percent.
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 percent 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. ■
