Rude Shock

Sri Lanka hikes prices for diesel and petrol, to ease the strain on the government coffers, as world crude prices keep steady at US$ 48 per barrel. Sri Lanka hikes prices for diesel and petrol, to ease the strain on the government coffers, as world crude prices keep steady at US$ 48 per barrel. Petrol at the pump will now cost Rs. 70.00 in Colombo city limits for 90 octane (up Rs. 2.00) and Rs. 68.00 elsewhere. Ninety four octane petrol will go up to Rs. 73.00 in Colombo city and Rs. 71.00 elsewhere.

Auto diesel in Colombo will now cost Rs. 44.00 (up Rs. 8.00) and diesel in the provinces Rs. 42.00 (up Rs. 6.00). Lanka Super diesel goes up to Rs. 49.30 within Colombo city and Rs. 47.30 elsewhere, Ceylon Petroleum Corp. said Friday.

At current procurement prices, CPC says diesel should be sold at Rs. 50.00 a litre.

Kerosene, widely consumed by the poorest of the poor, will remain steady at Rs. 26.00, though CPC had asked it to be raised by Rs. 14.50.

Ceypetco earlier this month, sought government approval to raise petrol prices by Rs. 1.50 and diesel by Rs. 10.50 per litre.

According to Central Bank data, Sri Lanka’s oil bill