Fuel price changes must reflect international prices - LIOC

Colombo (News 1st): Ahead of the 2019 Budget the Lanka IOC, a publicly traded unit of the Indian Oil Corporation, says that price adjustments should take place based on International Prices. Speaking to News 1st Senior Vice President of Lanka IOC PLC Siddharth Agarwal says that if the government decides to change the prices on a daily basis, Lanka IOC doesn't have any objections. He however added, this has to take place based on international prices. The Economy next has reported that in the December quarter, Lanka IOC lost Rs. 986 million, with gross profits falling to Rs. 67 million from Rs. 277 million a year earlier.