Sri Lanka hikes fuel prices amidst economic crisis!

The Sri Lankan Government has raised petrol and diesel prices to an all-time high. The public is shocked.

Economic Crisis

The Sri Lankan Government is facing a severe economic crisis. The price of petrol, diesel and gas cylinders is at an all-time high. As a result, food prices have skyrocketed. People are suffering due to rising prices of essential commodities including rice, bread and milk.

Moreover, Sri Lankans are being forced to stand in long queues to buy groceries. In addition, the public is dissatisfied with the Government, which has been experiencing power outages for several hours a day.

Unprecedented pricing

The Sri Lankan Government has raised petrol prices by 24.3 percent and diesel by 38.4 percent amid the economic crisis. The Sri Lankan Government has raised fuel prices for the second time since April 19. As a result, Octane 92 petrol sells for 420 Sri Lankan rupees (US $ 1.17) and diesel for 400 rupees (US $ 1.11).

The hike came into effect in Sri Lanka from midnight on Tuesday. As a result, Octane 92 petrol has gone up by Rs 82 and diesel by Rs 111. This is the biggest price hike in the history of Sri Lanka. Ceylon Petroleum Corporation has announced the price hike.

Vulnerability

Following this, Indian Oil, which operates in Sri Lanka, has also announced that it will raise petrol and diesel prices. It is feared that this will further increase the prices of essential commodities. At present, auto drivers are charged Rs 90 for the first kilometer and Rs 80 for the next kilometer.

Sri Lanka's Minister of Power and Energy Kanchana Wijesekera announced on his Twitter page that "Fuel prices have been changed from 3 am today. Fuel prices have been raised to the extent discussed in the presence of Cabinet members.

As the country is already suffering from the current economic crisis, the Government has raised the price of fuel to an all-time high.