All kinds of speculations are being made about the increase in the prices of petrol and diesel in India. Meanwhile, the Sri Lanka-based subsidiary of Indian Oil Corporation has dealt a big blow to the people of the country.
In fact, the company has increased the retail prices of petrol and diesel due to the steep devaluation of the Sri Lankan rupee. The hiked prices have come into effect from Friday. This is the third time in a month that the company has increased fuel prices.
How much did the price increase? Lanka Indian Oil Company (LIOC) said that the retail price of diesel has been increased by Rs 75 per liter and that of petrol by Rs 50 per liter. Now the price of petrol here is Rs 254 per liter and that of diesel is Rs 214 per liter.
What is the company’s reasoning: Manoj Gupta, Managing Director, LIOC said, “Within seven days, the Sri Lankan rupee has depreciated by Rs 57 against the US dollar. This has a direct impact on the prices of oil and gasoline products. After Russia’s attack on Ukraine, Western countries are imposing sanctions on Russia, due to which oil and gas prices are also increasing.
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Gupta said, “We are currently incurring huge losses due to high international oil prices, so there is no option but to increase the prices. Inspite of increasing the price, a huge loss will have to be borne.” Let us tell you that LIOC does not get any subsidy from the Sri Lankan government.