Sri Lanka has raised the price of Octane 92 petrol by 30 rupees from 370 to 400 rupees per litre with effect from today. The state-run fuel retailer Ceylon Petroleum Corporation (CPC) said that prices of all other fuels remain unchanged. Lanka IOC, a subsidiary of Indian Oil Corporation (IOC) and the only competitor of CPC, also raised the price of Octane 92 by the same margin.

The IMF had asked the island nation to reduce its budget deficit either by increasing revenue or reducing the state

spending. The upward petrol price revision comes as the government’s move to raise personal income taxes up to 36 percent has met with strong protest mainly from the state sector. The government has ruled out reduction in the new tax rates.

Meanwhile Sri Lanka has been facing inflationary pressure over the last nine months. Inflation in the island had hit a high of 73 percent in September last year and had marginally eased to 54 percent in January 2023.

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