Bus Fares Stay Grounded Despite Fuel Price Rise

COLOMBO (News 1st); Sri Lanka's private bus owners have announced they will not be increasing fares despite the recent fuel price revision. 

The Lanka Private Bus Owners' Association (LPBOA) Chairman, Gemunu Wijeratne, confirmed the decision, citing the current fuel price increase falling short of the threshold specified in the national policy formula for bus fare adjustments. 

"According to the national policy formula, bus fares can only be increased if the fuel price increase exceeds 4%," he said.

The Ceylon Petroleum Corporation (CPC) announced a fuel price increase effective today.

CPC Chairman Saliya Wickramasuriya confirmed the inclusion of VAT in the new prices.

92 Octane Petrol witnessed a Rs. 20 jump to Rs. 366 per liter, and Octane 95 surged by Rs. 38 to Rs. 464 per liter. 

Lanka Auto Diesel climbed by Rs. 29 to Rs. 358 per liter, while Lanka Super Diesel saw a steeper Rs. 41 increase to Rs. 475 per liter.

Offering a rare bit of relief, the price of kerosene dropped by Rs. 11, bringing it down to Rs. 236 per liter. 

Chairman of the Petroleum Regulatory Corporation, assured that while VAT is now included, it has been offset by reductions in other charges to lessen the impact on consumers.

IOC and Sinopec, Sri Lanka's other fuel providers, also implemented price increases mirroring the CPC revisions. 

Interestingly, Sinopec offered a slight competitive edge, setting their 92 Octane Petrol price at Rs. 363 and Auto Diesel at Rs. 355, both Rs. 3 lower than CPC's offerings.