Military on Colombo street. File photoNEW DELHI, May 24Sri Lankan authorities increased fuel prices on Tuesday, raising prices for gasoline by about 18% and for diesel by 26%, according to published price data. the cost of a liter of 92 petrol was 420 rupees ($1.17), 95 petrol is sold for 450 rupees ($1.25) and diesel for cars is 400 rupees ($1.11) per litre.
19 May, 16:58Waiting for gasoline: Sri Lanka runs out of fuelThe fuel crisis in Sri Lanka is causing long queues at gas stations and rising gasoline prices. Dozens of motor scooters and cars can be seen at gas stations in resort settlements. As local residents say, the fuel runs out quickly and the price of it rises sharply. According to Minister of Energy Kanchana Wijesekera, the increase in fuel prices is due to the adoption of a new fuel pricing formula, which includes all costs incurred for the purchase and transportation of gasoline and diesel. includes all costs incurred in importing, unloading, delivering to stations and taxes. Profits are not calculated and not included … The formula will be applied every two weeks or monthly,» the minister said on Twitter. He noted that the Sri Lankan cabinet approved revision of transport and other service charges. «From now on, public sector employees will be assigned to work at the direction of the head. Work from home will be encouraged to minimize fuel consumption and cope with the energy crisis,» the Minister of Energy added. Sri Lanka experiencing the worst economic crisis since independence in 19 48 year. In mid-April, the Sri Lankan authorities defaulted on their external debt for an interim period, pending a restructuring of those obligations under an IMF-supported economic adjustment program. The island nation's external debt is estimated at $51 billion. The economic crisis is caused by a foreign exchange deficit resulting from the restriction of tourist flow due to the coronavirus pandemic, as a result of which the country cannot purchase enough fuel. There is an acute shortage of food and basic necessities, fuel and gas in the country. Many parts of Sri Lanka are facing power outages due to lack of foreign exchange to import fuel.
