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Indian oil company reverts prices following boycott in Sri Lanka

The Lanka Indian Oil Company (LIOC) has reverted oil prices of Octane 92 petrol following calls by Sri Lankan MPs to boycott the company and buy from the government-owned CPC sheds.

This follows moves earlier this week to increase the price of Octane 92 petrol by Rs. 5, thus selling a litre of Octane 92 for 142 litres as opposed to Rs 137.

The decision to raise the price of oil was widely panned by the government with Sri Lankan MP, Dilan Perera, calling for a boycott of LIOC fuel and for people to purchase from the government-owned CPC sheds.

He stated on the matter:

“We urge the public to go and pump fuel in state-owned CPC sheds. They must boycott IOC sheds”.

Perera further accused the UNP of striking a deal with the Indian oil company which provided them a stake in Sri Lanka. Perera claimed he was among opposition voices who raised concerns over India’s agreement with Sri Lanka.

Read more from the Colombo Gazette.

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