Crisis struck-Sri Lanka hikes fuel prices as filling stations go dry

Crisis-hit Sri Lanka has hiked petrol price by LKR 50 and diesel by LKR 60 respectively, the third price revision in over two months, as the country continues to reel under the worst economic crisis in decades due to a crippling shortage of foreign exchange reserves.

State-run fuel retailer Ceylon Petroleum Corporation (CPC) has announced that the price hike will come into effect from 2 pm on Sunday. Lanka IOC has also hiked prices by the same proportion.

The last fuel price hike was announced on May 24, which saw petrol and diesel prices being raised by 24 per cent and 38 per cent respectively.

This is third fuel price revision being enforced in the island nation since April 19.