Sri Lanka on Tuesday cut fuel prices by up to six percent, the first such move since the Middle East war triggered a surge in energy prices in the import-dependent nation.<\/p>\n\n\n\n
The state-run Petroleum Corporation said it will lower diesel by 25 rupees a litre to 382 rupees ($1.15), while petrol was lowered by 20 rupees to 414 rupees.<\/p>\n\n\n\n
The cuts follow a sharp fall in international energy prices after the United States and Iran agreed to hold talks to bring an end to their conflict.<\/p>\n\n\n\n
Sri Lanka had raised petrol and diesel prices by almost 50 percent after the US and Israel launched attacks on Iran on February 28.<\/p>\n\n\n\n
Electricity tariffs were also increased by one-third as authorities sought to pass on higher import costs.<\/p>\n\n\n\n
Sri Lanka, which buys in all of its oil and also relies on imported coal for power generation, has warned that any prolonged conflict in the Middle East could threaten a fragile economic recovery.<\/p>\n\n\n\n
The government told the International Monetary Fund, which granted a $2.9 billion bailout loan to the island in March 2023, that sustained high energy prices could undermine efforts to emerge from the country’s worst economic crisis.<\/p>\n\n\n\n
Under the IMF-backed reform programme, Sri Lanka is required to ensure cost recovery in fuel and electricity pricing and limit subsidies that strain public finances.<\/p>\n\n\n\n
Sri Lanka defaulted on its $46 billion foreign debt in 2022 after running out of foreign exchange. Since then, Colombo has been drawing down the IMF bailout loan to stabilise the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
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