Colombo: Sri Lanka has increased retail fuel prices by over 8 per cent with effect from midnight Monday in a bid to curb hoarding and panic buying amid rising global crude oil prices, officials said Tuesday.
The price revision comes as global crude oil prices crossed USD 100 per barrel for the first time in four years following escalating tensions in West Asia.
Under the latest revision, the prices of widely used petrol and diesel varieties have been increased by LKR 22 per litre, the state-run Ceylon Petroleum Corporation (CPC) said.
The move is aimed at curbing hoarding and panic buying, it said.
We have noticed heavy consumption since the news of the Middle East war situation, a CPC official said.
Long queues have been seen outside fuel stations since February 28 after hostilities intensified following US-Iran strikes against Iran, triggering fears of supply disruptions.
The CPC said Sri Lanka currently has sufficient fuel stocks to last until the end of April.
