New Delhi, March 22: Amid the ongoing crisis in the Middle East, Sri Lanka has raised fuel prices by up to 25% as of Sunday. This marks the second increase in fuel prices within two weeks for the island nation.
The price of regular petrol has surged from 317 LKR per liter to 398 LKR per liter. Meanwhile, the cost of diesel, widely used in public transport, has increased by 79 LKR, now standing at 382 LKR per liter.
The conflict involving the United States, Israel, and Iran has disrupted crude oil supplies, leading to significant price hikes. Over the past week, crude oil prices have risen by more than 8%, and in the last month, they have increased by over 57%.
In response to the rising prices, Sri Lanka is also implementing fuel rationing to reduce consumption. The country relies entirely on imports for its fuel needs and purchases coal from abroad to meet electricity generation requirements.
Sri Lanka primarily sources processed petroleum products from Singapore, Malaysia, and South Korea, while crude oil is imported from the Middle East for refining.
The continuous price increases are expected to exert pressure on transportation costs and overall inflation, impacting both businesses and families already grappling with economic challenges.
Additionally, India’s Ministry of External Affairs has recently confirmed that it is reviewing requests for diesel supplies from neighboring countries, including Sri Lanka, Bangladesh, and the Maldives.
During a media briefing earlier this month in New Delhi, spokesperson Randhir Jaiswal stated, “India is a major exporter of processed petroleum products, especially to its neighboring countries.”
He noted that the evaluation of fuel supply requests is being conducted with consideration of India’s domestic needs and refining capacity.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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