MAY 24, 2022
The fire of political unrest is burning in Sri Lanka. The market is also on fire due to the economic crisis. Meanwhile, fuel prices also hit a record high in India’s southern island nation. The Sri Lankan administration on Tuesday hiked petrol prices by 24.3 per cent. Diesel prices have gone up by 38.4 per cent. Never before has the price of fuel increased so much in Sri Lanka, according to the country’s economic experts.
This is the second increase in fuel prices in Sri Lanka since April 19. With the new increase, the Octane 92 petrol that people use the most in Sri Lanka is now priced at Rs 420 per litre and the price of diesel has reached Rs 400 per litre.
The decision to raise fuel prices in Sri Lanka came amid the country’s economic crisis by the country’s energy regulator Ceylon Petroleum Corporation.
It was their decision that the price of petrol was hiked by Rs 82 in one stroke and diesel by Rs 111. Sri Lanka’s Energy Minister Kanchana Wijesekera said on Twitter that the new prices will be effective from 3 pm on Tuesday. At the same time, fuel prices are going to increase, the prices of other goods, services and vehicle fares are going to increase.
Sri Lanka’s new Prime Minister Ranil Wickremesinghe has taken the responsibility on his own shoulders before the situation reaches such a point.
Meanwhile, due to the hike in fuel prices, auto rickshaw-pullers in Sri Lanka have said that from now on autos will have to pay a minimum fare of Rs 90 for the first one kilometre journey. The passenger will have to pay Rs 80 for every kilometre after that. Many companies have advised their employees to work from home due to unusual increase in the fares of vehicles.
Sri Lankan economists blame the shortage of supplies behind skyrocketing fuel prices. Over the past few days, pictures of long queues of shoppers at various petrol pumps in Sri Lanka due to this fuel crisis have been circulating through the net.