Fuel prices raised in Sri Lanka as energy crisis worsens
One of Sri Lanka’s biggest fuel suppliers put up its prices by as much as 12 per cent on Saturday, as the cash-strapped island’s energy crisis worsened.
Lanka IOC, a fuel retailer which accounts for a third of the market, said it was increasing prices for diesel — commonly used by public transport — by 12 per cent, and petrol up 11 per cent.
The increases came after a seven per cent price rise three weeks ago and will add to the upward pressure on inflation, already at a record high.
The island is in the grips of an economic crisis after the tourism sector, a key foreign-exchange earner, collapsed in the wake of the Covid-19 pandemic.
