The Government yesterday announced the reduction petrol by Rs 20 and furnace oil by Rs. 10 with immediate effect.
Further price reductions could follow if world market prices fell, Prime Minister Ratnasiri Wickramanayake said.
He told Parliament reduction
He said the reduction was made as promised in the budget speech of President Mahinda Rajapaksa and if the prices of oil come down further in the world oil market more reductions will be made.
The policy on fixing oil prices was guided by the principle that the low income groups and communities who do not have electricity should be provided some relief, he said.