Sri Lanka Economic Crisis: Petrol is now getting Rs 338 per liter in Sri Lanka, trapped in financial crisis and debt trap. Sri Lanka’s state-run oil company Ceylon Petroleum Corporation (CPC) has increased the price of 92 octane petrol by Rs 84 to Rs 338 per liter from midnight on Monday. A day after the Lanka Indian Oil Corporation (LIOC) raised the prices, Ceylon Petroleum Corporation has also decided to increase the status.
Lanka Indian Oil Corporation (LIOC) has raised prices five times in six months, while Ceylon Petroleum Corporation has decided to increase prices for the second time within a month. According to officials, the company has had to take a decision to increase fuel prices in the country due to the sudden jump in the prices of crude oil in the international market and the decision of devaluation of the Sri Lankan rupee against the dollar.
Sri Lanka is going through such a big economic crisis for the first time since its independence in 1948. Sri Lanka has a shortage of foreign exchange reserves, due to which it is not able to import fuel along with food items, due to which there is such a high jump in local prices. The Sri Lankan currency has declined 60 per cent since March 7.
There is also a lot of resentment among the local people due to the rise in fuel prices and they are protesting against the government. People have to stand in long queues to get fuel and gas, then they are also facing power crisis.