Duty on petrol and diesel increased

The Ceylon Petroleum Corporation (CPC) announced that the production tax on fuel has been increased.

The decision has been reached, until the relevant finance act being passed by the parliament to generate an income of 0.3% of the gross domestic product annually, to finance the existing debt amount of 2,758 million US dollars of the CPC.

Accordingly, the existing taxes on fuel have been increased and a tax of Rs. 25 has been added per liter on each type of fuel.

Meanwhile, the duty on a liter of Petrol has been increased from Rs. 27 to Rs. 52, while the duty on a liter of Super Diesel increased from Rs. 13 to Rs. 38.

At the same time, the duty on other fuels which had prevailed at Rs. 13 has been increased up to Rs. 30.

However, the CPC will carry out the price revisions in accordance with the fuel pricing formula conforming to the relevant tax rates, the Ministry of Finance further said.