Colombo, March 26 (AdaDerana) – Lanka IOC has once again increased a hike in its retail selling prices of petrol with effect from midnight today (March 25).
Thereby, the prices of all types of petrol have been increased by Rs. 49.00.
Lanka IOC said it is compelled to raise the petrol prices due to the unwanted conditions caused by the currency depreciation and soaring rates in the global market.
According to a statement issued by the company, the prices of diesel will remain unchanged.
“Consequent to floating of Sri Lankan Rupee by CBSL since 7th March 2022, Rupee is ceaselessly depreciating against the dollar, from initial level of 203 to more than Rs. 290 per USD during last 15 days, making fuel import costlier.”
Despite this exorbitant upward revision in exchange rates by more than 40%, the banks are still struggling to sense the liquidity in the foreign exchange inflow in the banking channels even over and above the official rate, Lanka IOC pointed out.