The setback comes at a time when the country is once again facing a severe crisis due to a lack of foreign exchange reserves. This is the second phase of price hike since April 19. Ceylon Petroleum Corporation (CPC), a public sector undertaking, has released the revised fuel price.
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Petroleum Minister Kanchana Vijayasekhara tweeted that the revised fuel prices would come into effect from 3 am today and that the fuel pricing formula approved by the cabinet would be implemented. This price revision includes all costs for imports of petroleum products, distribution to stations and other taxes. He also tweeted that the cabinet had approved the revision of transport and other service charges.
LIOC CEO Manoj Gupta told PTI that the price hike was in line with the CPC. At the same time, autorickshaw fares have also gone up. Autorickshaw drivers said the fare would be increased to Rs 90 for the first kilometer and Rs 80 for the second. Heads of establishments can decide on the adoption of practices including work-from-home as part of the reduction of staff costs in connection with the increase in petrol rates.
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Sri Lanka IOC has been operating in Sri Lanka since 2002. According to sources, the country is facing a severe financial crisis due to imports of petroleum products, but the sale is part of a drive to address fuel shortages.
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