Sri Lanka hits record high oil prices as the embattled country continues to struggle to stay afloat as it waits for IMF aid. “Fuel Price will be revised from 3 am 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.
Sri Lanka raised the price of gasoline by 24.3% and diesel by 38.4% on Tuesday, a record increase in fuel costs amidst the country’s greatest economic crisis due to a lack of foreign exchange reserves.
With the second increase in fuel prices since April 19, the most commonly used Octane 92 petrol will now cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) per liter, both at an all-time high.
Ceylon Petroleum Corporation, the state fuel entity, decided to hike the price of Octane 92 petrol by 24.3 percent, or 82 rupees, and diesel by 38.4 percent, or 111 rupees per liter (CPC).
“Fuel Price will be revised from 3 am 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 Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.
The increase came as the public endured long lines at fuel stations affected by shortages.
The retail costs of petroleum have also been raised by Lanka IOC, the Sri Lankan arm of India’s oil behemoth Indian Oil Corporation.
“We’ve upped our prices to meet the CPC,” LIOC CEO Manoj Gupta told PTI.