The Petroleum Pricing Committee (PPC) met on Monday, 28 September 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 both Mogas and Gas Oil be increased from Rs70.65 per litre to Rs77.70 per litre and from Rs71.25 per litre to Rs78.35 per litre respectively, 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 the estimated deficit of Rs3.63 billion in the Price Stabilisation Account (PSA).

Mogas – The retail price of Mogas is calculated using the actual prices for July to September 2026 and the projected prices for October to December 2026. The new Reference Price of US$140.64 per barrel together with an exchange rate of Rs48.1803/US$ results in an increase in the retail price of Rs12.8614 per litre, representing an increase of 18.20%. As the increase in the calculated retail price of Mogas is more than 4% and the PSA balance for Mogas is negative, its retail price is increased by a maximum of 10%, from Rs70.65 per litre to Rs77.70 per litre in accordance with Regulation 5 (3).

Gas Oil – The retail price of Gas Oil is calculated using the actual prices for July to September 2026 and the projected prices for October to December 2026. The new Reference Price of US$165.68 per barrel together with an exchange rate of Rs48.1803/US$ results in an increase in the retail price of Rs12.8700 per litre, representing an increase of 18.06%. 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 Rs71.25 per litre to Rs78.35 per litre in accordance with Regulation 5 (3).

The evolution of the funds in the PSA since March 2026 is shown below:
                                      

Details of Gain/(Loss) per tanker for the period 1 July 2025 to 28 September 2026 can be viewed on the following link: https://www.stcmu.com/assets/pdf/archives/pr/2026/GainOrLossOnTankers01Jul25to28Sep26.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/PriceCalculationsStepByStep28Sep2026.pdf.

 

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

 

                      Graph 1 - Mogas

                                                   

                        Graph 2 - Gas Oil

                                                    

 

The retail prices of Mogas (L’Essence) and Gas Oil  are increased to Rs77.70 and Rs78.35 per litre respectively. The new Price Structures are as follows and take effect from 00.00hrs on 29 September 2026:

                         

Mogas

Gas Oil

Reference Price - US$ per barrel

140.6400

165.6800

CIF - US$/litre

0.9817

1.1195

Exchange rate – Rs/US$

48.1803

48.1803

 

                     Rupees per litre

CIF

47.2986

53.9378

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

Adjustment

(5.0534)

(5.0174)

TRANSFER PRICE TO OIL COMPANIES

61.9752

62.9504

Oil Companies’ Operational Expenses and Wholesale Margin

2.5900

2.1800

VAT (15%)

10.1348

10.2196

WHOLESALE PRICE

74.7000

75.3500

Retail Margin

3.0000

3.0000

RETAIL PRICE (Price at Petrol Service Station)

77.7000

78.3500

 

28 September 2026