News Karnataka
Saturday, October 01 2022
Asia

Colombo: Kerosene prices hiked to cut losses

Sri lanka kerosene price hiked
Photo Credit : IANS

Colombo: Amid the continuing economic crisis, Sri Lanka’s state-owned fuel distributor Ceylon Petroleum Corporation (CPC) has hiked the price of kerosene to cut losses.

The hike took effect on the midnight of Sunday August 21, reports Xinhua news agency.

Issuing a statement, the CPC said the price of a liter of kerosene increased by 253 LKR ($0.7) to 340 LKR.

Kerosene is used among several vulnerable communities and was earlier sold at a subsidized rate of 87 LKR.

Last month, Minister of Power and Energy Kanchana Wijesekera told Parliament that they planed to raise the price of kerosene and give a subsidy to low-income groups.

He said that the cost to produce a liter of kerosene is 421 LKR.

Selling kerosene at a subsidized rate is one of the main reasons why the CPC makes a loss, the Minister said.

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