Rise of 77 in petrol and Rs 55 in diesel
Despite huge fluctuations in crude oil prices, there has been no change in the prices of petrol and diesel in India since Diwali last year. At the same time, there has been a bumper jump in the prices of petrol and diesel in Sri Lanka. After the subsidiary of Indian Oil Corporation (IOC), now another oil company has increased the prices of petrol and diesel in Sri Lanka. Due to this huge jump in the prices of petrol and diesel, there is a possibility of inflation rising rapidly.
The main reason for the fall in the Sri Lankan rupee
Lanka IOC, a subsidiary of Indian Oil Corporation (IOC) in Sri Lanka, on Friday increased the prices of petrol and diesel for the third time in a month. The company says that it has taken this decision due to the steep fall in the value of the Sri Lankan rupee. After this, on Saturday, Sri Lanka’s state-run oil and gas company Ceylon Petroleum has increased the prices of petrol and diesel.
Increase by Rs 77 in petrol and Rs 55 in diesel
Sri Lanka’s state-run oil and gas company Ceylon Petroleum has increased the price of petrol by Rs 77 per liter and diesel by Rs 55 per liter. Earlier, Lanka IOC, a subsidiary of India’s leading oil company Indian Oil Corporation, had raised fuel prices. Petrol price has increased by 43.5 per cent to a record Rs 254 per liter after Ceylon Petroleum Corporation (CPC) hiked prices, while diesel has increased by 45.5 per cent to Rs 176 per litre.
Earlier, the Lanka Indian Oil Company (LIOC) had increased the price of petrol by Rs 50 per liter and diesel by Rs 75 per liter. LIOC had said on Friday that the retail price of diesel has been increased by Rs 75 per liter and the price of petrol by Rs 50 per liter. Now the price of petrol in the country has gone up to Rs 254 per liter and that of diesel to Rs 214 per liter. Manoj Gupta, Managing Director, LIOC said, “The Sri Lankan rupee has depreciated by Rs 57 against the US dollar in seven days. This has a direct impact on the prices of oil and gasoline products. After Russia’s attack on Ukraine, Western countries are imposing sanctions on Russia, due to which oil and gas prices are also increasing.
Bumper jump in global prices of these commodities including wheat, maize, crude oil, metal
