MONETABRIEF – Sri Lanka's Lanka IOC, a unit of Indian Oil Corporation has reported profits of 1.5 billion rupees for the March 2026 quarter down 52 percent, amid the US-Iran war which sent fuel prices soaring.
Lanka IOC said revenues grew to 92.1 billion rupees in the March 2026 quarter from 62.5 billion rupees a year earlier, while cost of sales grew to 88.3 billion rupees from 57.7 billion rupees.
Gross profits were 3.7 billion rupees, down from 4.7 billion rupees.
The US-Iran war was sparked on February 28, which sent crude and refined products up, with diesel in particular rising to very high levels, with petroleum distributors seeing one month of the war in the first quarter.
Sri Lanka government hiked prices and also gave subsidies up to 100 rupees for diesel and a lower amount for petrol.
Deputy Minister of Finance Anil Jayantha had said that that private players did not always claim the full subsidy. (Colombo/July20/2026)