Sri Lanka’s state oil entity has raised its retail price from Monday midnight, a day after the Indian Oil Company’s local operation raised its prices, adding to the woes of the people who are impacted by the island nation’s worst economic crisis.
The state-run Ceylon Petroleum Corporation’s (CPC) new price of 92 octane petrol at Rs 338 per litre is an increase of Rs 84 and now matches the per litre price of Lankan Indian oil company (LIOC).
This was the second price hike by CPC within a month whereas the LIOC’s yesterday hike was the fifth in six months.
The CPC officials said the high global prices and the depreciation of the Sri Lankan rupee against the dollar after the government’s decision on March 7 to have a free float was the main cause.
