Lanka Indian Oil Company decided to increase their prices yesterday after the government announced a major fuel price hike, the first in three years.

The changes, according to the company, will come into effect from midnight on Thursday.

Under the revision, the new price of a litre of Lanka Auto Diesel is Rs.111, Xtra MILE is Rs.114, Lanka Super Diesel is Rs.119, Lanka Petrol (92) is Rs.137, Xtra Premium EURO 3 is Rs.143 and Xtra Premium 95 is Rs.151.

Issuing a statement, the company said it welcomed the price increase by the government and added that  the current revision in the prices of Auto fuel by the government will assist the oil companies to partially mitigate their losses on the sale of Petrol and Diesel.

“Even after the increase in Lanka Auto Diesel prices, LIOC will still have to bear an under-recovery of Rs.10/litre at prevailing international prices,” it stated.