Diesel prices raised by Rs 75 per litre, petrol by Rs 50 per litre --Know what Lanka Indian Oil Company said

With this increase, the price of petrol has shot up to Rs 254 per litre and diesel to Rs 214 respectively, an unprecedented high in fuel prices that comes at a time when the island nation is currently in the midst of its worst economic crisis in decades.

Colombo: The Lanka Indian Oil Company (LIOC), the Sri Lankan subsidiary of India's oil major Indian Oil Corporation has hiked the retail prices of petrol and diesel with effect from Friday due to the significant depreciation of the Sri Lankan Rupee, the third time the firm has increased fuel prices in a month.

LIOC said that the retail price of diesel was raised by Rs 75 per litre and petrol by Rs 50 per litre.

With this increase, the price of petrol has shot up to Rs 254 per litre and diesel to Rs 214 respectively, an unprecedented high in fuel prices that comes at a time when the island nation is currently in the midst of its worst economic crisis in decades.

The Sri Lankan Rupee has depreciated twice in the span of seven days by Rs 57 against the US Dollar. This has directly impacted the cost of oil and gasoline products making them dearer by an equivalent amount per litre. Oil and gas prices are also surging as western countries are responding to Moscow's invasion with numerous sanctions to isolate Russia and cut it off from the global oil markets, Manoj Gupta, Managing Director of LIOC said.

LIOC does not receive any subsidy from the Sri Lankan government and its losses are calculated based on actual landed cost of the product after considering payment of applicable duties, taxes and other statutory levies including handling charges.