 "Sri Lanka's CPC hikes kerosene prices by 253 LKR in a bid to cut losses")
Amid the continuing economic crisis, Sri Lanka's state-owned fuel distributor Ceylon Petroleum Corporation (CPC) has hiked the price of kerosene to cut losses.
The hike took effect on Sunday midnight, reports Xinhua news agency
Issuing a statement, the CPC said the price of a liter of kerosene increased by 253 LKR ($0.7) to 340 LKR.
Kerosene is used among several vulnerable communities and was earlier sold at a subsidized rate of 87 LKR.
Last month, Minister of Power and Energy Kanchana Wijesekera told Parliament that they planed to raise the price of kerosene and give a subsidy to low-income groups.
He said that the cost to produce a liter of kerosene is 421 LKR.
Selling kerosene at a subsidized rate is one of the main reasons why the CPC makes a loss, the Minister said.
--IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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