Sri Lanka raised the price of gasoline by 24.3% and diesel by 38.4% on Tuesday, a record increase in fuel costs amidst the country’s greatest economic crisis due to a lack of foreign exchange reserves.
With the second increase in fuel prices since April 19, the most commonly used Octane 92 petrol will now cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) per litre, both at an all-time high.
Ceylon Petroleum Corporation, the state fuel entity, decided to hike the price of Octane 92 petrol by 24.3 percent, or 82 rupees, and diesel by 38.4 percent, or 111 rupees per litre (CPC).
“At 3 a.m. today, the fuel price will be revised. The Cabinet-approved fuel pricing methodology was used to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter.
“All costs associated with importing, unloading, distribution to stations, and taxes are included in the price revision.” The modification of transportation and other service prices was also authorized by the Cabinet. “The formula will be used every two weeks or once a month,” he stated.
Meanwhile, auto-rickshaw operators announced that the first kilometer would cost 90 rupees and the second would cost 80 rupees.
