(AFP) – May 24, 2008
COLOMBO (AFP) — Sri Lanka Sunday hiked the price of diesel and gasoline in a response to galloping world crude oil prices, the state-run Ceylon Petroleum Corporation said.
Petrol at the pump goes up by 30 rupees to 157 rupees (1.47 dollars) while diesel is up by 30 rupees to 110 rupees (1.02 dollars) per litre, the state-run monopoly fuel supplier said.
Fuel prices were last revised in January.
Sri Lanka produces no oil and has been hit hard by soaring global crude prices, which have widened the trade gap and spurred 30 percent inflation in the 26 billion dollar economy.
The price hike also covers Indian fuel retailer Lanka IOC, which controls a third of the local petrol market, its Managing Director K. Ramakrishnan said.
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