Indian Oil Corporation’s (IOC) subsidiary in Sri Lanka has once again raised the retail prices of petrol and diesel. This is the third time this increase has been done in a month. Now the price of petrol here is Rs 254 per liter and that of diesel is Rs 214 per liter. Even after this, oil is cheaper than India in the country surrounded by sea, because the value of 3.32 Sri Lankan rupees is currently equal to 1 rupee of India.
After the Russian attack on Ukraine, Western countries are imposing sanctions on Russia, due to which oil and gas prices are also rising. International crude oil price has reached $139 per barrel. On the other hand, within the last seven days, the Sri Lankan rupee has depreciated by Rs 57 against the US dollar. The oil company says that there is no other option but to increase the prices. Still have to bear huge losses.
On the other hand, the economic crisis in Sri Lanka is increasing. Sri Lanka is going through the most severe economic phase in its history. The foreign exchange is only $2.31 billion. Sri Lanka is also facing difficulties in paying for essentials. Still, due to the war between Russia and Ukraine, the price of crude oil remains above $ 110 per barrel. Petrol and diesel will become costlier due to increase in crude oil prices. In such a situation, the difficulties of the Government of Sri Lanka are expected to increase further, because the fight is not taking the name of ending and the rest of the countries are silent.
Impact will happen soon in India too, may increase by Rs 25
Our oil companies have not made any change in petrol prices from November 3. But since then crude oil has become more expensive than $ 33 a barrel. This uptrend in prices is likely to continue. Due to the elections, the Modi government did not allow any increase in the prices of petrol and diesel in the country for 129 days. In such a situation, the price of petrol and diesel may increase by 20 to 25 rupees in the coming days, that is, they can be so expensive.