Lanka IOC, a wholly-owned subsidiary of Indian Oil Corporation, will introduce for the first time in the Sri Lankan market, Euro III grade petrol in about a fortnight.

Lanka IOC and Ceylon Petroleum Corporation have a duopoly on retail petrol and diesel sale in Sri Lanka.

The Lanka IOC Managing Director, Mr K.R. Suresh Kumar, said that since there was a large number of premium cars and SUVs on the roads, there existed a ready market for higher quality petrol. The company, which sells normal (90 Octane), premium and 95 Octane petrol here, plans to replace its premium brand petrol with Euro III standard petrol.

“We also plan to introduce Euro-IV standard petrol in about three months,” he said.

Apart from the ready market, Lanka IOC also feels that its presence in the premium segment – where there is no competition right now – will also mean that it can shore up its margins, reported The Hindu.