A man fuels a vehicle at a gas station in Colombo, Sri Lanka, March 29, 2023. Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that fuel prices will be reduced in the country from March 29 at midnight.(Photo: Xinhua)

 

A man fuels a car at a gas station in Colombo, Sri Lanka, March 29, 2023. Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that fuel prices will be reduced in the country from March 29 at midnight.(Photo: Xinhua)

 

A man fuels a vehicle at a gas station in Colombo, Sri Lanka, March 29, 2023. Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that fuel prices will be reduced in the country from March 29 at midnight.(Photo: Xinhua)

 
Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that fuel prices will be reduced in the country from March 29 at midnight.

The price of 92 Octane petrol will be reduced by 60 rupees (0.18 U.S. dollar) to 340 rupees per liter, and that of 95 Octane petrol will fall by 135 rupees to 375 rupees per liter.

The price of diesel will be reduced by 80 rupees to 325 rupees per liter and that of super diesel will be reduced by 45 rupees to 465 rupees.

Meanwhile, the price of kerosine will be reduced by 10 rupees to 295 rupees.

Wijesekera said last week that the Sri Lankan government would reduce fuel prices as a result of falling international oil prices and the crisis-ridden country now having the ability to get competitive prices from suppliers due to the International Monetary Fund loan approval.

The minister also said the Sri Lankan rupee is appreciating against the U.S. dollar.

According to the minister, President Ranil Wickremesinghe had advised him to reduce fuel prices following the IMF bailout package and the stabilization of the economy.

Sri Lanka increased fuel prices by over 200 percent in 2022 amid an economic crisis in the South Asian country.