Newsinc24 Team Sri Lanka’s sharp fuel price hike is being seen to push up living costs, with immediate ripple effects across the economy. Petrol rises to 398 Sri Lankan rupees, diesel to 382, increasing pressure on public. Sri Lankan authorities confirmed that petrol prices have been increased by Rs81 in the local currency. Diesel prices have also risen significantly by Rs79.This price is almost equal to Pakistani rupees. Sri Lanka raised fuel prices on three occasions this month; on the 1st, 9th and 22nd.
Sri Lanka state run and private bus fares will go up by an average of 12.19 percent after the latest hike in fuel prices from midnight March 24, minister Nalinda Jayatissa has said. According to the revision, the minimum bus fare has been increased from 27 rupees to 30, while the maximum fare has risen from 2,159 rupees to 2,422. The fare hike comes as part of the latest price adjustments in the transport sector.The timing coincides with Sri Lanka’s April festive season, when consumption typically rises.
Sri Lanka buys refined petroleum products from Singapore, Malaysia and South Korea, while crude oil for its Iran-built refinery is sourced from the Middle East. The government has warned that the fighting in the Middle East, and a prolonged war, could seriously undermine its efforts to emerge from the economic meltdown of 2022. Sri Lanka defaulted on its $46 billion foreign debt in 2022 after the country ran out of foreign exchange. Since then, Colombo has secured a $2.9 billion IMF bailout.
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