Even though there has been no change in the prices of petrol and diesel in India for the last one week, there is a tremendous increase in the prices of fuel in the neighboring countries. Sri Lanka has drastically increased the prices of kerosene along with petrol and diesel. According to the report, Sri Lanka’s government oil company has increased the prices of fuel. According to Ceylon Petroleum Corporation, Sri Lanka has once again increased retail fuel prices due to the ongoing conflict in West Asia and disruptions in global energy supplies. The increase in fuel prices was announced on Saturday and came into effect from midnight. This is the fifth such increase, which comes after President Anura Kumara Dissanayake repeatedly stressed that the public needs to reduce their consumption given the pressures created by the conflict.
How much will the price of petrol and diesel increase?
Ceylon Petroleum Corporation (CPC) said that the price of petrol has increased by 5.85 percent and the price of diesel has increased by 3.83 percent. Ceylon Petroleum Corporation (CPC) said in a press release that the price of diesel has increased by 15 Sri Lankan Rupees (LKR), taking its new price to 407 LKR per liter. The company further said that the price of petrol has now become 434 LKR per liter, whereas earlier its price was 410 LKR per liter. This means that the price of petrol has been increased by 24 Sri Lankan rupees. According to the official release, the price of kerosene has also been increased by Rs 20 per liter, from Rs 265 to Rs 285. These new prices will be applicable at all CPC filling stations across the island nation.
Increase for the 5th time in 3 months
Of the five fuel price hikes between March 1 and May 31, three revisions took place between March 1 and March 22. At the end of February, the price of petrol was Rs 293 per liter, which increased to Rs 434 per liter. According to the Central Bank of Sri Lanka, the value of LKR has been continuously falling against the dollar since May. The apex bank said on May 22 that the value of the rupee has fallen by more than 7 percent so far. LKR gained a little strength on Saturday, and overall its value has fallen more than 5 percent so far this year.
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