The price of petrol has gone up to Rs 254 per liter and that of diesel to Rs 214 per liter.
Indian Oil Corporation’s (IOC) subsidiary has increased the retail prices of petrol and diesel. The economic condition of the neighboring country Sri Lanka is continuously deteriorating. In this sequence, now the price of petrol and diesel has increased once again here. The price of petrol has gone up to Rs 254 per liter and that of diesel to Rs 214 per liter. This is the third increase in a month.
Due to the Russia-Ukraine war, Western countries are imposing sanctions on Russia, due to which the prices of oil and gas are also increasing. The price of crude oil is also continuously moving towards new records. International crude oil price has reached USD 139 per barrel. Not only this, the Sri Lankan rupee has also declined by Rs 57 against the US dollar. The oil company has said that there is no other option but to increase the prices. Even after this, there is a possibility of huge losses to go forward.
The economic crisis in Sri Lanka is increasing. Actually Sri Lanka is going through the most severe economic phase in its history. Sri Lanka’s foreign exchange is only USD 2.31 billion and therefore it is also facing problems in paying for essentials. Due to the rising price of crude oil, the difficulties of the Government of Sri Lanka seem to be increasing.
With the rising price of petrol and diesel in the neighboring country, the prices of petrol and diesel in India are also expected to increase. However, the oil companies here have not made any change in the prices of petrol from November 3. But since then, crude oil has increased by more than USD 33 a barrel, and elections for five states are also over now. In such a situation, the price of petrol and diesel may increase by 20 to 25 rupees in the coming days making it much more expensive.