Lanka IOC (LIOC), the subsidiary of Indian Oil Corporation in Sri Lanka on Monday urged the government to approve a retail fuel price hike due to the prevailing situation regarding global oil prices, a top company official said here.
LIOC Managing Director Manoj Gupta said they were waiting for the Sri Lankan government’s nod to hike the petrol price by Rs 20/litre and diesel by Rs 30/litre.
The Sri Lankan government has put on hold the expected retail price hike of fuel despite increasing the prices of cooking gas and other essentials last week.
Meanwhile, Sri Lanka has sought a USD 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation.
The move came few days after energy minister Udaya Gammanpila warned that the current availability of fuel in the country can be guaranteed only till next January.
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