Colombo: The Indian Oil Company's Lanka operation, LIOC has asked the Sri Lankan government for a hike in retail fuel prices.

Ashok Dhakwale, the LIOC managing director said that for the last two months they have been pressing for price hikes of petrol and diesel.

"We have suffered losses with import duties and other tariffs as well as due to the depreciation of the rupee", Dhakwale said.

He said the operation was suffering a loss of rupees 8-10 per litre on petrol and rupees 13 on diesel.

Sri Lanka rupee hit a record low in April since the government in February stopped defending the rupee.

The LIOC which commenced operations in 2003 currently manages 157 fuel stations in the island.


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