Sri Lanka hikes fuel prices by up to 25%
image for illustrative purpose
New Delhi: SriLanka on Sunday sharply increased fuel prices by up to 25 per cent, marking the second hike in just two weeks, as the island nation braces for the widening impact of the ongoing conflict in the Middle East on global energy markets.
The price of regular petrol was raised to Rs 398 per litre from Rs 317 earlier, while diesel -- widely used in public transport -- saw a steep increase of Rs 79, taking it to Rs 382 per litre. The latest revision comes close on the heels of an eight per cent price hike announced last week, along with fuel rationing measures aimed at curbing consumption. The government’s move reflects growing concerns over rising import costs and supply uncertainties. Sri Lanka depends entirely on imports for its fuel needs and also procures coal from overseas to meet its electricity generation requirements.
The country mainly sources refined petroleum products from Singapore, Malaysia, and South Korea, while crude oil for its Iran-built refinery is imported from the Middle East -- a region currently facing heightened geopolitical tensions.
