LOIC to withdraw from diesel sales to earn higher profits
‘Lanka’ (Sunday) newspaper states Lanka Indian Oil Company (LIOC)is considering to further increase its diesel price with the objective of withdrawing from diesel sales and focus on the more profitable petrol sales.
After the government had granted the company permission to fix its prices LOIC has been increasing its diesel price without any control. Since 21st May it has increased the price of diesel thrice and by selling petrol at Rs. 157 a liter it has a profit of Rs.23 from each liter of petrol point out the newspaper.
The company expects consumers to pump diesel from CEPETCO filling stations instead of coming to LOIC petrol station. According to ‘Lanka’ the government or Ceylon Petroleum Corporation is clueless regarding the state of affairs as LOIC controls 100 filling stations in the country.