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Petrol price in Sri Lanka shoots up to Rs 420 a litre as inflation skyrockets

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Petrol price in Sri Lanka shoots up to Rs 420 a litre as inflation skyrockets.

Skyrocketing inflation in crisis-ridden Sri Lanka pushed up the price of petrol to an exorbitant Rs 420 per litre while that of diesel rose to Rs 400 on Tuesday.

The increase in price works out to over 24 per cent for and more than 38% in the case of diesel.

With its economy having collapsed, the island nation has virtually run out of foreign exchange to pay for the imported fuels. The country has been resorting to rationing the fuels to make them available for essential services such ambulances and hospitals.

Sri Lanka had even landed in a situation where a ship loaded with petrol was waiting at the Colombo harbour but the country did not have any foreign exchange to pay for the consignment.

Also read: After drop in petrol and diesel prices, will GST and direct tax collections be enough to make up for the loss to the exchequer?