Sri Lanka reduces fuel prices on improved economy 

By Luther Animashaun

Sri Lanka is set to reduce fuel prices due to falling international prices and an improvement in its economic performance.

Kanchana Wijesekara, Sri Lanka’s power and energy minister, made this announcement on Wednesday, indicating that citizens of the  island country in South Asia can now buy the commodity at a reduced rate, from the over  200 per cent increase seen in 2022 as a result of the country’s economic crisis.

Wijesekara stated that President Ranil Wickremesinghe had directed him to reduce fuel prices following the support from the International monetary Fund’s bailout package and the improvement of the economy, with the Sri Lankan rupee appreciating against the dollar.

According to the minister, the price of 92 octane petrol would reduce by 60 rupees to 340 rupees per litre, and that of 95 octane petrol would fall by 135 rupees to 375 rupees per litre.

Similarly, the price of diesel would be reduced by 80 rupees to 325 rupees per litre, and that of super diesel would be reduced by 45 rupees to 465 rupees, while kerosine prices would reduce by 10 rupees to 295 rupees.