Petrol and diesel prices rise further amid continued fuel shortage in Sri Lanka.
COLOMBO, May 24 (Xinhua) -- Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) has once again increased its fuel prices from Tuesday morning as the fuel shortage continues in the country.
Minister of Power and Energy Kanchana Wijesekera said the cabinet of ministers meeting on Monday night agreed on a fuel price formula and the prices were increased based on that.
With the latest price hike, the price of a liter of 92 octane petrol rose by 82 Sri Lankan rupees to 420 rupees, and a liter of 95 octane petrol increased by 77 rupees to 450 Sri Lankan rupees.
Meanwhile, a liter of auto diesel increased by 111 rupees to 400 rupees, and a liter of super diesel increased by 116 rupees to 445 rupees.
Another main fuel distributor Lanka IOC also announced that it will increase prices to match CPC prices.
Sri Lanka has been facing a severe foreign exchange shortage which has led to fuel shortages for the last few months.
Sri Lankan police have started islandwide raids to arrest any person hoarding diesel or petrol for resale. (1 U.S. dollar equals 360.21 Sri Lankan rupees)