Sri Lanka's State-Owned Oil Firm Raises Fuel Price
Sri Lanka's state oil entity has raised its retail price from Monday midnight, a day after the Indian Oil Company's local operation raised its prices, adding to people's problems who are impacted by the island nation's worst economic crisis.
The state-run Ceylon Petroleum Corporation's (CPC) new price of 92 octane petrol at Rs 338 per litre is an increase of Rs 84 and now matches the per litre price of Lankan Indian Oil Company (LIOC).
This was the second price hike by CPC within a month whereas the LIOC's yesterday hike was the fifth in six months.
The CPC officials said the high global prices and the depreciation of the Sri Lankan rupee against the dollar after the government decision on March 7 to have a free float was the main cause.
Sri Lanka is grappling with unprecedented economic turmoil since its independence from Britain in 1948. The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.
The rupee has fallen by over 60 per cent since March 7 with the cost of living soaring high.
The fuel price hikes came as a massive public agitation against the president Gotabaya Rajapaksa entered its eleventh day on Tuesday.
The protesters demand the resignation of him and his family for bungling the island's worsening economic crisis.
People continued to be in fuel and gas queues while the power cuts which were not imposed during the weekend on account of the traditional Sinhala and Tamil new year returned on Monday.
