Sri Lanka Hikes Kerosene Prices To Cut Losses Amid Economic Crisis
Amid the continuing economic crisis, Sri Lanka's state-owned fuel distributor Ceylon Petroleum Corporation (CPC) has hiked the price of kerosene to cut losses. The hike took effect on Sunday midnight, reports Xinhua news agency.
Colombo, August 22: Amid the continuing economic crisis, Sri Lanka's state-owned fuel distributor Ceylon Petroleum Corporation (CPC) has hiked the price of kerosene to cut losses. The hike took effect on Sunday midnight, reports Xinhua news agency.
Issuing a statement, the CPC said the price of a liter of kerosene increased by 253 LKR ($0.7) to 340 LKR. Kerosene is used among several vulnerable communities and was earlier sold at a subsidized rate of 87 LKR. Last month, Minister of Power and Energy Kanchana Wijesekera told Parliament that they planed to raise the price of kerosene and give a subsidy to low-income groups. Sri Lanka Economic Crisis: Protestors Storm Presidential Palace in Colombo; Take a Swim in Pool and Explore the Kitchen (Watch Video).
He said that the cost to produce a liter of kerosene is 421 LKR. Selling kerosene at a subsidized rate is one of the main reasons why the CPC makes a loss, the Minister said.
(The above story first appeared on LatestLY on Aug 22, 2022 08:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
