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Sri Lanka has increased fuel prices by nearly four per cent, further fuelling inflation, which more than doubled in April due to the impact of the Middle East conflict.
The latest adjustment, announced on Sunday by the state-owned Ceylon Petroleum Corporation, raised the price of kerosene, widely used in agriculture, by 10 rupees to 265 rupees per litre. Petrol climbed by 12 rupees to 410 rupees, while diesel rose by 10 rupees to 392 rupees.
Since March, fuel prices in the country have increased by over 35 per cent, with gas and electricity tariffs also rising by similar margins.
Authorities have additionally introduced fuel rationing due to supply disruptions.
Official data shows inflation rose sharply to 5.4 per cent in April, more than double the previous month, driven largely by higher energy costs.
According to the Department of Census and Statistics, rising fuel and electricity prices have pushed up transport fares and food costs.
The island nation continues to recover from its 2022 economic crisis, when it depleted its foreign exchange reserves and struggled to import essential goods such as fuel, food and medicine.
Recovery efforts have also been strained by a deadly cyclone in November that killed at least 643 people and affected over 10 percent of the population, causing an estimated $4.1 billion in damage to infrastructure and agriculture, according to the World Bank.
Sri Lanka has been working to stabilise its economy under a $2.9 billion bailout programme agreed with the International Monetary Fund in early 2023, but rising energy costs continue to weigh on the recovery.
