Sri Lanka fuel prices soar as economy reels

ONE of Sri Lanka’s biggest fuel suppliers hiked the price of petrol by nearly 20% today, the second increase in as many weeks, as the country struggles to import oil without dollars.

Lanka IOC, a fuel retailer which accounts for a third of the market, said it raised the petrol price to 303 rupees (RM4.40) a litre, up from 254 rupees. Two weeks ago, the company increased the price of petrol by 25%.