The Petroleum Pricing Committee (PPC) met on Tuesday, 24 March 2026 to assess the retail prices of Mogas (L’Essence) and Gas Oil (Diesel) in accordance with Regulation 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 (as amended). After a thorough review, the Committee recommended that the retail prices of Mogas be maintained at its current level and that of Gas Oil be increased from Rs 58.95 per litre to Rs 64.80 per litre in line with Regulation 5 of the above Regulations.

The Committee also took note of the evolution of world prices of Mogas and Gas Oil and considered the estimated deficit of Rs 2.3 billion in the Price Stabilisation Account (PSA) for Gas Oil.

Mogas – The Retail Price of Mogas has been calculated using the actual prices for January to March 2026 and the future prices for April to June 2026. The new Reference Price of US$946.39 per metric ton and an exchange rate of Rs 46.9393/US$, result in an increase in retail price of Rs 10.9750 per litre, that is an increase of 18.78%. However, although the change in calculated retail price of Mogas is more than 4%, the price should be maintained in view of its positive PSA balance, in accordance with Regulation 5 (1).

Gas Oil – The Retail Price of Gas Oil has been calculated using the actual prices for January to March 2026 and the future prices for April to June 2026. The new Reference Price of US$ 173.34 per barrel and an exchange rate of Rs 46.9393/US$ result in an increase in retail price of Rs 23.9934 per litre, that is an increase of 40.70%. As the increase in the calculated retail price of Gas Oil is more than 4% and the PSA balance for Gas Oil is negative, its retail price is increased by a maximum of 10%, from Rs 58.95 per litre to Rs 64.80 per litre in accordance with Regulation 5 (3).

The evolution of the funds in the PSA since December 2021 is shown below:

                                       

Details of Gain/(Loss) per tanker for the period 1 July 2024 to 17 March 2026 can be viewed on the following link: https://www.stcmu.com/assets/pdf/archives/pr/2026/GainLossPerTanker01jul2024to17mar2026.pdf. A step-by-step guide on how the price is calculated is also available at https://www.stcmu.com/assets/pdf/archives/pr/2026/PriceCalculationsSepbyStepMar2026.pdf.

The evolution of monthly average prices of Mogas and Gas Oil from March 2025 to March 2026 are shown in the graphs below:

                      Graph 1 - Mogas

                                                   

                        Graph 2 - Gas Oil

                                                    

 

The retail prices of Mogas (L’Essence) is maintained at Rs 58.45 per litre and that of Gas Oil is increased to Rs 64.80 per litre. The new Price Structures are as follows and the prices will be effective as from 00.00hr on 25 March 2026:

                         

Mogas

Gas Oil

Reference Price - US$ per Metric Ton

946.3900

 -

Reference Price - US$ per barrel

-

173.3400

CIF - US$/litre

0.7467

1.1273

Exchange rate – Rs/US$

46.9393

46.9393

 

                     Rupees per litre

CIF

35.0496

52.9147

Excise duty

9.8700

4.2200

Contribution to Road Development Authority

1.8500

1.7500

Contribution to Rodrigues Transportation and Storage

0.4100

0.4100

Contribution to the Construction of storage facilities for petroleum products

0.0500

0.0500

Contribution to Subsidy on LPG, Flour and Rice

7.2000

7.2000

STC’s Operational Expenses

0.3500

0.4000

Fund (from)/to Price Stabilisation Account

(9.5435)

-

Adjustment

-

(15.7769)

TRANSFER PRICE TO OIL COMPANIES

45.2361

51.1678

Oil Companies’ Operational Expenses and Wholesale Margin

2.5900

2.1800

VAT (15%)

7.6239

8.4522

WHOLESALE PRICE

55.4500

61.8000

Retail Margin

3.0000

3.0000

RETAIL PRICE (Price at Petrol Service Station)

58.4500

64.8000

 

24 March 2026