Sri Lanka which is in a grave economic crisis has raised the price of petrol by over 23 and 38.4 per cent. It is a record-breaking hike in fuel prices to have witnessed by any country. The country is in already at a stage of the worst economic crisis due to the shortage of foreign exchange reserves.
Sri Lanka in grave economic crisis
As per reports, the fuel prices stand at Rs 420 for petrol and Rs 400 for diesel in terms of Indian Currency.
The decision to increase the price of the fuel came after the State Fuel Entity, Ceylon Petroleum Corporation announced the revised prices.
The minister of Power and Energy said, “Fuel prices will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices.” In addition, he said, “Price revision includes all costs incurred in importing, unloading, distribution to the sanctions and taxes. The cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly.”