Sri Lanka raises fuel prices to a new record high

Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) has increased fuel prices to a record high.

With the latest price hike on Monday, the price of Octane 92 petrol rose by 33.1 per cent to a record 338 Sri Lankan rupees ($1.04) a litre, and the price of auto diesel increased by 64.2 per cent to 289 rupees.

This is at par with the prices of Lanka IOC, a subsidiary of Indian Oil Corporation, which hiked its fuel prices from midnight Sunday, Xinhua news agency reported.

CPC Chairman Sumith Wijesinghe said last week that they were losing between 800 to 1,000 billion rupees a day due to selling the fuel at a below-market rate.

However, it is not the first time the CPC has increased fuel rates this year. It had introduced fuel rationing on April 15.

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