Sri Lanka political crisis: Colombo reduces fuel prices amid talks with Russia
Sri Lanka fuel crisis
Amid diplomatic talks with Russia to supply fuel, Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) and the Lanka Indian Oil Corporation (LIOC) have reduced the retail price.
Local media reported that while the price of a litre of Octane 92 petrol will be reduced by Rs 20, Octane 95 petrol will sell for Rs 540 per litre.
Following a reduction of Rs 10, the price for super diesel will be Rs 510 a litre and normal diesel will be Rs 440.
Highlighting that both the CPC and the LIOC will take part in the scheme, the Ministry of Power and Energy also introduced a new digital system to systematise the distribution of fuel from July 21.
Also see |Sri Lanka's political crisis: What happens next?
It comes after Sri Lanka's Power and Energy Minister Kanchana Wijesekera said that his government is in discussion with Russia for the purchase of fuel.
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Sri Lanka, which has been facing a crippling fuel shortage since February, is currently experiencing its worst economic crisis in decades.
After the country ran out of foreign exchange to finance even the most vital imports, Sri Lanka was unable to import fuel.
Ahead of a parliamentary vote to pick a new head of state, Sri Lanka's acting president renewed the country's state of emergency on Monday.
Sri Lanka, which is in talks with the IMF for a possible bailout, defaulted on its $51 billion foreign debt in mid-April.
(With inputs from agencies)
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