Sri Lanka: Petrol price rises by 137%

Colombo: Petrol prices have risen sharply in Sri Lanka in the wake of the economic crisis, with diesel prices rising by 230 per cent and petrol prices by more than 137 per cent in the last six months.

According to international media reports, the economic crisis has led to a record rise in oil prices in Sri Lanka, the country is already facing food shortages and protests against the government At least nine people have been killed so far.

Sri Lankan Energy Minister Kanchenjunga Vajsekara says the cabinet has approved an increase in oil prices to prevent heavy losses in the state-run Petroleum Corporation.

The price of diesel in the country has been increased from Rs 289 to Rs 400 per liter while the price of petrol has been increased from Rs 338 to Rs 420.

Diesel prices have risen by 230 per cent and petrol by more than 137 per cent in the last six months. Despite the rise in prices, the country is short of oil and often has to wait in queues to refuel.

Keep in mind that the country with a population of 22 million is facing the worst situation in its history. Lack of foreign exchange has also led to severe shortage of food and medicine while the people are also facing prolonged power outages and inflation.

Officials say bus and taxi fares have risen sharply due to high oil prices.

According to Vajsekera, the government is trying to borrow Rs 500 million from India, which will be used to buy fuel, while India has already provided Rs 700 million.

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According to the Census Bureau, inflation in the country was 33.8 percent last month, while food inflation was 45.1 percent.

According to Steve Hank, an economist at Johns Hopkins University, inflation in Sri Lanka is actually even higher, according to the government.

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