Petrol Market Price vs. Formula Price in March 2026

Abstract

The government announced its monthly fuel price revision on 28th February, as global oil prices surged amid conflict in the Middle East.

However, the revision is based on international price inputs up to end-February, so it does not reflect the shock on 28 February. Hence, March prices have not shifted much due to that event.

As of end-February, the fuel formula price of Petrol 92 increased by LKR 8.79, but the market price was increased by only LKR 1.00. This means the market price, which was higher than the formula price in February, has dropped LKR 2.14 lower than the latter in March.

The fuel formula price of Auto Diesel increased by LKR 19.69, but the market price was increased by only LKR 4.00. Therefore the gap between the market price and the formula price has widened to LKR 16.96 in March.

The fuel price formula was designed by Verité Research as an estimate of a cost-reflective pump price, based on global prices converted to LKR and standard costs/taxes. For more on the methodology visit https://shorturl.at/OTTjt