IndianOil Lanka seeks fuel price hike on higher crude cost
New Delhi   04-Apr-2012

IndianOil's Sri Lanka unit has sought government approval for retail price hike in view of depreciating currency and rising crude prices globally. "We have asked the government to revise the prices of petrol and diesel," said IndianOil Lanka MD Suresh Kumar. He said the request was made in view of the Sri Lankan rupees' depreciation and the price escalation of fuel in the global market. IndianOil, which operates over 100 fuel stations throughout the island, raised the retail prices in line with the government affected price hike early February. "Currently on every litre of petrol and diesel we lose rupees15. So we have asked the government for corrective action" Kumar said. The government price revision of fuel prices in February had led to protests.