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Lanka IOC says diesel tax increase will hit earnings

Reuters  |  COLOMBO 

By Shihar Aneez and Ranga SirilalCOLOMBO (Reuters) - The Sri Lankan government's decision to increase tax on diesel is likely to hit 2016/17 second-half earnings at fuel retailer Lanka IOC, its managing director said on Monday. Under pressure from the International Monetary Fund to increase revenue, Sri Lanka's finance ministry increased excise duty on diesel by 10 rupees to 13 rupees per litre from Aug. 20, stipulating that fuel retailers cannot pass on the cost to consumers.Lanka IOC's Shyam Bohra said the subsidiary of Indian Oil Corporation had previously been cushioned against losses in ...

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First Published: Mon, September 26 2016. 22:15 IST