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In the neighboring country of Sri Lanka, which is facing shortage of petroleum products amid economic crisis, the government has announced to increase the prices of petrol and diesel. Petrol prices have been increased by 50 Sri Lankan rupees while diesel by 60 Sri Lankan rupees. Let us tell you that during the last two months in Sri Lanka, the prices of petrol and diesel have increased for the third time. Significantly, Sri Lanka is going through the most severe economic crisis in decades due to lack of foreign exchange reserves. There is an outcry for petrol, diesel and gas in the country.
The latest change in the prices of petrol and diesel has come into effect from 2 pm on Sunday in Sri Lanka. An announcement in this regard has been made by Ceylon Petroleum Corporation, a government-owned retail retailer company. Lanka IOC has also increased the prices of petrol and diesel in the same proportion.
Earlier on May 24, the prices of petrol and diesel were increased in Sri Lanka. At that time, the price of petrol was increased by 24 percent while that of diesel by 38 percent. This is the third hike in petroleum prices in Sri Lanka since April 19.
Let us tell you that Sri Lanka became independent in 1948, Sri Lanka is going through the worst economic crisis for the first time. In this hour of crisis, there has been a severe shortage of essential items like food, medicines, LPG and petrol and diesel in the country. There is an outcry in the country for these things.
Let us tell you that in the month of April, the holder of Sri Lankan US Bank Hamilton Reserve Sri Lankan Bonds in Sri Lanka was declared a defaulter after failing to repay its loans. After that, a suit has been filed in a district court in Manhattan, USA, accusing Sri Lanka of breaching the contract. In this hour of crisis, Sri Lanka is using India’s credit line to purchase petroleum products from international markets. The Sri Lankan government has described it as a lifeline for its country.
Let us tell you that Mahinda Rajapaksa, the elder brother of Sri Lankan President Gotabaya Rajapaksa, had to resign from the post of Prime Minister amid the ongoing economic crisis and turmoil in the country. After the resignation of Mahinda Rajapaksa, former Prime Minister Ranil Wickremesanghe has been given the responsibility of bringing the country back on track by handing over the Prime Minister’s chair.