COLOMBO: The petrol prices in Sri Lanka has soared by Rs 77 and diesel prices by Rs 55, in a single day. The price was raised by Sri Lanka’s state-run oil and gas entity Ceylon Petroleum. Sri Lanka IOC, the local subsidiary of India’s oil major Indian Oil Corporation, is a key oil distribution company in Lanka. The oil prices in Sri Lanka have been increasing since IOC raised the prices. As per Sri Lankan rates, IOC has increased petrol prices by Rs 75 and diesel prices by Rs 50. Soon after, the Ceylon Petroleum Corporation also raised petrol prices by 43.5 percent and diesel prices by 45.5 percent. As per Sri Lankan rupee, on Sunday, the cost of one litre petrol and diesel is Rs 254 and Rs 176 respectively.

Meantime, it is evaluated that the petrol price in India may rise up to Rs 25. The crude oil prices have soared following reports that European countries will impose sanctions on Russia’s oil supplies. With this, it is reported that the petrol and diesel prices, which has remained unchanged for more than 100 days, will also go up. The last fuel price hike in the country was reported on November 4, 2021.