Dec 20, Colombo: The decision made by the Lanka Indian Oil Company (LIOC) to reduce the petrol prices to Rs. 100 per liter following the Supreme Court order has resulted in long queues outside their filling stations.
Obeying the court order the IOC had reduced its price of a petrol liter with effect from yesterday midnight.
According to the reports from Colombo and its suburbs as well as from the rural areas long queues have been seen outside every filling station of IOC to purchase petrol at reduced prices.
This situation will incur additional loss to the government owned Ceypetco filling stations as they will be unable to sell the stocked petrol at higher rates. The prices at the Ceypetco stations remain at Rs. 122 per liter since the government has not followed the Supreme Court order.
Financial analysts say the government is now forced to cut the prices as the Supreme Court ordered or else lose the revenues to LIOC.
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