• Asia

    • Fuel price reduced in Sri Lanka by Rs 40; now 370 rupees a litre

    By on October 18, 2022
    Image : Dinuka Liyanawatte/Reuters
    Image : Dinuka Liyanawatte/Reuters

    Crisis-hit Sri Lanka slashed fuel prices on Monday, the second cut in as many weeks, after the World Bank warned that the economy will shrink an unprecedented 9.2% this year.

    The energy ministry said the price of petrol will be reduced by 40 rupees to 370 rupees ($1.02) a litre from Monday night after a similar 10% reduction earlier this month.

    But the price of regular petrol is still twice the amount before the start of the crisis last year while diesel is three and a half times more than what it was in December 2021.

    Earlier this year, motorists spent weeks to get fuel, contributing to weeks of protests that forced president Gotabaya Rajapaksa to flee the country in July and quit.

    The wait at the pumps has reduced to a few hours in recent weeks, but fuel is still strictly rationed because of an enduring shortage of dollars needed to pay for essential imports.

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