As petrol hits Rs 420 while diesel also
reaches Rs 400 in Sri Lanka, officials are urging people to work from home.
Meanwhile, consumers are forced to wait in
huge lines at gas stations because of a shortage.
Fuel Price Hike
Sri Lanka raised the price of gasoline by
24.3% and diesel by 38.4% on Tuesday, a record increase in fuel costs amid the
country's toughest economic crisis due to a lack of foreign exchange assets.
With the second increase in fuel prices since
April 19, the most commonly used Octane 92 petrol will now cost 420 rupees and
diesel 400 rupees per liter, both at an all-time high.
Ceylon Petroleum Corporation, the state fuel
entity, decided to raise the price of Octane 92 petrol by 24.3 percent, or 82
rupees, and diesel by 38.4 percent, or 111 rupees per liter (CPC).
Importation, unloading, distribution, and tax
expenditures are all included in the new price.
The increase comes as the public endures long
lines at fuel outlets that are experiencing shortages.
Meanwhile, auto-rickshaw operators announced
that the first kilometer would cost 90 rupees and the second would cost 80
rupees.
Push For Work From Home
The government indicated that directors of
institutions would have a choice over which staff would be required to report
physically in order to reduce costs. The rest of the employees are permitted to
work from home.
Foreign Exchange Crisis
The island nation is experiencing
unprecedented economic difficulties, the worst since its 1948 independence. Due
to a lack of cash to pay for imports, it is experiencing a shortage of
practically all necessities.
Long lines for fuel, cooking gas, and other
commodities have formed due to a catastrophic scarcity of foreign funds, while
power outages and increasing food costs have added to the people's misery.
Internal Political & Economic
Crisis
The economic crisis has sparked a political
crisis in Sri Lanka, with demands for President Gotabaya Rajapaksa's
resignation. The situation has already prompted President Mahinda Rajapaksa's
elder brother, Prime Minister Mahinda Rajapaksa, to quit on May 9.
Inflation approaching 40%, food, gasoline, and
medical shortages, and continuous power outages have sparked widespread
protests and sent the currency plummeting, leaving the government short of
foreign currency reserves to pay for imports.
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