Colombo, Mar 29 (IANS): Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that fuel prices will be reduced in the country from Friday midnight.

The price of 92 Octane petrol will be reduced by 60 LKR ($0.18) to 340 LKR per liter, and that of 95 Octane petrol will fall by 135 LKR to 375 LKR per liter, reports Xinhua news agency.

The price of diesel will be reduced by 80 LKR to 325 LKR per liter and that of super diesel will be reduced by 4 LKR to 465 LKR.

Meanwhile, the price of kerosine will be reduced by 10 LKR to 295 LKR.

Wijesekera said last week that the Sri Lankan government would reduce fuel prices as a result of falling international oil prices and the crisis-ridden country now having the ability to get competitive prices from suppliers due to the International Monetary Fund loan approval.

The Minister also said the Sri Lankan rupee is appreciating against the US dollar.

According to Wijesekera, President Ranil Wickremesinghe had advised him to reduce fuel prices following the IMF bailout package and the stabilization of the economy.

Sri Lanka increased fuel prices by over 200 per cent in 2022 amid the worst-ever economic crisis in the island nation since independence in 1948.