Fuel prices in Sri Lanka, which is grappling with its worst economic turmoil ever, have hit an all-time high.
On Tuesday, petrol price was hiked by 24.3 per cent to Rs 420 (90.50 INR) per litre from Rs 338 (72.83 INR).
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On the other hand, the cost of diesel also spike by 38.4 per cent from Rs 289 (62.27 INR) to Rs 400 (86.19 INR) per litre.
“Fuel Price will be revised from 3am today (Tuesday). Fuel pricing formula that was approved by the cabinet was applied to revise the prices,” Sri Lankan power and energy minister Kanchana Wijesekara said.
He added: “The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly.”
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Furthermore, in a bid to reduce the use of fuel the Sri Lankan government has asked the people of the country to work from home.
“Public sector workforce will be called to work on the direction of the head of the institute from today (Tuesday),” the minister stated.
Notably, Sri Lanka is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis has also triggered a political crisis in Sri Lanka.
The crisis has already forced Prime Minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9.