SRI-LANKA: Crisis-hit Sri Lanka on May 24 raised the petrol price by 24.3% and diesel by 38.4%, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves.
With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 Sri Lankan rupees ($1.17) and diesel 400 Sri Lankan rupees ($1.11) a litre, an all-time high.
The decision to raise the Octane 92 petrol price by 24.3% or 82 rupees and diesel by 38.4% or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC).
“Fuel Price will be revised from 3 a.m. today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter. “Price revision includes all costs incurred in importing, unloading, distribution to the stations, and taxes.
The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
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