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Lanka IOC prepared to set own fuel prices to minimise losses

Reuters  |  COLOMBO 

COLOMBO (Reuters) - Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.The move by Lanka IOC, a subsidiary of India's IOC, comes after the government failed to increase fuel prices charged by state-owned Ceylon Petroleum Corp (CPC) in line with rising global oil prices.On March 24 Lanka IOC raised its prices because of losses incurred after the government's failure to implement a pricing formula for CPC.Finance Minister Mangala Samaraweera ...

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First Published: Fri, May 18 2018. 17:47 IST