Less than a week after Lanka IOC  increased the price of a liter of Petrol (Octane 92) by Rs. 5, it decided to reverse the decision after a backlash from consumers and calls for boycott of the company run Petrol stations.

“Lanka IOC has decided to restore the Prices of Petrol 92 at par with CPC petrol sheds by reducing Rs.5 per Litre with midnight of 22 May,” LIOC said in a press release.

It quoted a LIOC spokesman  as saying that  “as part of our commitment to stand in solidarity with our valued customers, the citizens of Sri Lanka in these challenging and unprecedented times of COVID-19 pandemic, wherein best efforts are in place to ensure early revival of economy, we have decided to absorb the losses on sale of petrol due to increased import duties. “

The Oil market crash in Mar’2020 has led to the dismal performance during the Jan-Mar’2020 Quarter resulting in a loss of Rs.346 Mn to the Company, the press release said.

It added that while price of Diesel is already the same as per CPC sheds, the price of Petrol 92 would also be the same at Lanka IOC sheds with midnight of 22.05.2020 at Rs.137 per litre.

The company reiterated its commitment to remain a strong partner in serving Sri Lanka and  fulfill the country’s energy needs at affordable price.

Government politicians were among those who called for the boycott of LIOC stations following the  price hike last Sunday.