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Monday, January 24, 2011

Sri Lanka Cuts Customs Duty on Gasoline to Maintain Prices

By Anusha Ondaatjie

Jan. 24 (Bloomberg) -- Sri Lanka reduced customs duty on gasoline to 5 rupees a liter from 15 rupees to help maintain local prices, Titus Jayawardhana, a secretary at petroleum industries ministry, said a phone interview in Colombo today.

Jayawardhana said the reduced duty would help cut losses at state-run Ceylon Petroleum Corp. and Lanka IOC Plc., a unit of India’s largest oil refiner.

To contact the reporter on this story: Anusha Ondaatjie in Colombo, Sri Lanka at anushao@bloomberg.net.

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net.

source - noir.bloomberg.com