Thursday July 2, 2:59 PM
Sri Lanka raises fuel prices by 11 percent
Sri Lanka has raised retail fuel prices by up to 11 percent in a bid to offset higher crude oil import costs, according to the government.
Higher grade gasoline was increased by 15 rupees to 148 rupees (1.3 dollars) a litre while diesel, which is widely used by public transport, was raised 4.11 percent to 73 rupees.
The prices will also apply to Indian Oil Corporation's local unit, Lanka IOC, which controls a third of Sri Lanka's retail fuel market.
Crude oil prices have more than doubled from their February level of 34 dollars a barrel.
Secretary to the petroleum ministry W. B. Ganegala said state-run Ceylon Petroleum will still make a loss as the increase was not sufficient to cover the full cost of production and distribution.
A net oil importer, Sri Lanka sources much of its petroleum products from Iran, Saudi Arabia and Malaysia.
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