Global stock markets have been falling sharply from the time Russia declared war on Ukraine on February 24. Not only that, but petrol and diesel prices are skyrocketing due to rising global crude oil prices. Now, petrol and diesel prices in neighboring country - Sri Lanka are at an all-time high.
Inflation
The Indian Oil Corporation, which operates in Sri Lanka, had said it would increase petrol prices by 75 rupees (Sri Lanka) and diesel prices by 50 rupees. The rise in prices is attributed to the fact that Indian Oil does not receive any subsidy from the Ceylon Petroleum Corporation, as does the Ceylon Government.
Meanwhile, Ceylon Petroleum Corporation has also announced a price hike from its part. As a result, petrol and diesel prices are rising at an unprecedented rate.
Ceylon Petroleum Corporation has announced an increase of Rs 77 for petrol and Rs 55 for diesel.
How much is a litre?
In Sri Lanka, petrol is being sold at Rs.254 a litre due to rising fuel prices. Similarly, a litre of diesel costs Rs.176. This means that Octane 92 petrol prices have risen by 43.5 per cent and diesel by 45.5 per cent.
Sri Lanka Indian Oil Corporation has been setting petrol and diesel prices in Sri Lanka according to the import and production costs due to non-receipt of subsidy from the Government of Sri Lanka.
The public fears that rising commodity and diesel prices in Sri Lanka could push up the prices of the essential commodities too.
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