Chaotic, Fuel Prices Rise to 10-Fold Due to Bankrupt State Due to Failing to Pay Debt – Motorplus
AFP/Ishira S. Kodikara
Chaotic, the price of fuel oil (BBM) rose up to 10 times as a result of the country went bankrupt because it failed to pay its foreign debt.
MOTOR PLUS-ONLINE.COM – Chaos, FUEL PRICES INCREASE UP TO 10 TIMES DUE TO COUNTRY BANKING DUE TO FAILURE TO PAY DEBT OVERSEAS.
The state of Sri Lanka goes bankrupt, the price of gasoline in the country rises above 10 doubled from 35 rupees (Rp 1,500) per liter to 367 rupees (Rp 16,000) per liter.
For diesel, the price went up from 75 rupees (Rp 3,300) to 327 rupees (Rp 14,380) per liter.
The Sri Lankan gasoline price hike was announced for the IOCs Lanka products, major fuel retailer which accounts for a third of the local market, on Monday (18/4/2022).
Sri Lanka is in the grip of its worst economic crisis since independence from Britain in 1948.
It causes a shortage of fuel, food and medicine essential.
Meanwhile the state-owned Ceylon Petroleum Corporation controls two thirds of the market and imposed fuel rationing last week havent raised the price yet, but most of the gas stations are out of stock fuel.
Lanka IOC which is a local unit of Indian Oil Corporation said, the sharp depreciation of the local currency forced it to carry out the latest revisions, three weeks after a 20 percent price increase.
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Since the beginning of the year, gasoline prices in Sri Lanka have risen sharply by 90 percent, while diesel, which is usually used for public transportation, rose 138 percent.
Rupee devaluation of more than 60 percent over the past month forced the Lanka IOC to raise the prevailing retail selling price again starting today, the company said.
