The prices of Ceylon Petroleum Corporation (CPC) now match with the Lankan Indian Oil Corporation (LIOC).
According to news Agency PTI, Sri Lanka’s State-run oil entity Ceylon-Petroleum Corporation has hiked the prices of 92 octane petrol. After Sri Lanka’s Petrol price surge the rate of petrol stands at LKR 338. Approximately an increase of LKR 84 in retail petrol prices happened on Monday Midnight, A Day after the Indian Oil Company’s local units raised their prices.
The prices of Ceylon Petroleum Corporation (CPC) now match with the Lankan Indian Oil Corporation (LIOC). The petrol price surge by CPC was its second hike of the month, whereas the hike by LIOC was its fifth hike of the month.
The main cause, according to CPC officials, was the rise in global prices and the depreciation of the Sri Lankan rupee against the dollar following the government’s decision on March 7 to allow the currency to float freely. The cost of living has skyrocketed as the rupee fell by over 60 percent.
Sri Lanka’s Petrol price surge is based on the lack of foreign currency, which has left the government unable to pay for essential food and fuel imports, resulting in severe shortages and outrageous pricing.
Despite the fact that fuel stations are likely to run dry, India has moved to offer lines of credit worth over $2 billion for essentials, as well as $500 million in fuel aid, under which over 300,000 Tonnes of fuel have been given.
Sri Lanka’s Petrol price surge comes as public protests against President Gotabaya Rajapaksa began their eleventh day on Tuesday. The protesters blame him and his family for the deepening economic crisis and demand his resignation.
Published by – Mohit Maurya
Edited by – Samiksha Dashore
