Lanka IOC has requested the government to increase fuel prices due to the current situation in the world market.

LIOC Managing Director Manoj Gupta told the Sri Lankan media that they had sought approval to increase the price of petrol by 20 rupees a liter and diesel by 30 rupees a liter.

However, the government is yet to grant approval to the request despite widespread speculations that a fuel price hike is imminent.

Meanwhile, Chairman of the Ceylon Petroleum Corporation Sumith Wijesinghe says that the government has informed him that it does not intend to increase fuel prices at this point.

The price of a barrel of Brent crude oil in the world market today was recorded as US $ 84.8.

It was also the highest value ever recorded for a barrel of that type of crude oil since 2018.