Sri Lanka’s Reset
Sri Lanka has taken a decisive step toward reshaping its political and economic trajectory.
Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) has increased fuel prices to a record high.
With the latest price hike on Monday, the price of Octane 92 petrol rose by 33.1 per cent to a record 338 Sri Lankan rupees ($1.04) a litre, and the price of auto diesel increased by 64.2 per cent to 289 rupees.
This is at par with the prices of Lanka IOC, a subsidiary of Indian Oil Corporation, which hiked its fuel prices from midnight Sunday, Xinhua news agency reported.
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CPC Chairman Sumith Wijesinghe said last week that they were losing between 800 to 1,000 billion rupees a day due to selling the fuel at a below-market rate.
However, it is not the first time the CPC has increased fuel rates this year. It had introduced fuel rationing on April 15.
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