Nagpur: India’s neighbor, Sri Lanka, which is currently facing an economic crisis raised the petrol price by 24.3 per cent and diesel by 38.4 per cent on Monday.
The island nation is currently facing its worst economic crisis due to a shortage of foreign exchange reserves. This is the second fuel price hike witnessed in the country after April 19. Petrol in Lanka now costs Rs 420 and diesel at Rs 400 (per litre).
The decision for the fuel price hike was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC). Power and Energy minister Kanchana Wijesekara took to Twitter and said, “Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices.”
Wijesekara further said that the price revision includes all costs incurred in importing, unloading, distribution to stations and taxes.
India on Monday said that it has delivered around 40,000 metric tonnes of petrol to Sri Lanka, days after supplying 40,000 metric tonnes of diesel under the Indian credit line to help ease the acute fuel shortage in crisis-hit Lanka.