Sri lanka's state run Ceylon Petroleum Company has increased fuel prices by 6.7% to help stem further losses, an official announced on Saturday.
The announcement was quickly followed by the country's only private sector fuel retailer, Lanka Indian Oil Company, deciding that it would also raise prices in line with the CPC.
Managing director of CPC Susantha Silva stated that by the end of October, the state run firm had run up losses of 75 billion rupees. HE further said that despite the hike in prices, the company would still be losing 5 rupees per litre.
Similiar prices hikes occured in February, with gasoline having been increased by 8.8 percent, diesel by 36.9 percent, and kerosene by 49.3 percent.
Sri Lanka has been struggling with importing crude oil into the country, in the wake of sanctions on Iran, the country's previous main supplier.
Adding to Sri Lanka's woes is the falling rupee which has depreciated by more than 14% since February also.
We need your support
Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.
Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view
We need your support in keeping our journalism going. Support our work today.
