Sri Lanka has cut the prices of petrol and diesel by up to six percent following a ceasefire in the Middle East and a drop in international energy rates.
Following the ceasefire in Middle East, Sri Lanka announced on Tuesday that it has cut fuel prices by up to six percent.
New fuel prices in Sri Lanka
Sri Lanka’s Petroleum Corporation say they have decreased diesel price by Rs 25 per liter, making it Rs 382. Similarly, petrol price is reduced by Rs 20 and is now fixed at Rs 414 per liter.
This reduction in local energy prices happened because of a sharp drop in international energy market. The global prices went down after United States and Iran agreed to hold talks to end their conflict.
Previous price hikes and economic impact
Earlier on February 28, Sri Lanka had increased petrol and diesel prices by around 50 percent after US and Israel attacked Iran. Officials said that electricity charges were also increased by one-third to balance the high import costs during conflict time.
Since Sri Lanka imports all of its required oil and depends on imported coal for electricity production, officials warned that long conflict in Middle East could badly affect country’s weak economy.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
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