Sri Lanka Cuts Fuel Prices by Six Percent

Sri Lanka has cut fuel prices by up to six percent, marking the first reduction since the Middle East conflict triggered a surge in global energy prices in the import-dependent nation.

On Tuesday, the state-run Petroleum Corporation said it will lower diesel by 25 rupees a litre to 382 rupees ($1.15), while petrol was lowered by 20 rupees to 414 rupees.

The reduction follows a sharp fall in international energy prices after the United States (US) and Iran agreed to hold talks to end their conflict.

Sri Lanka had raised petrol and diesel prices by almost 50 percent after the US and Israel launched attacks on Iran on February 28.

Also, electricity tariffs were increased by one-third as authorities sought to pass on higher import costs.

Sri Lanka imports all of its oil and depends on imported coal for electricity.

The government has warned that a prolonged conflict in the Middle East could slow the country’s fragile economic recovery.

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