Sri Lanka slashes fuel prices in welcome relief amid crisis
1 year, 8 months ago

Sri Lanka slashes fuel prices in welcome relief amid crisis

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Colombo: Sri Lanka’s government on Wednesday announced significant cuts in fuel prices, providing welcome relief for many after a year of shortages and skyrocketing prices amid the country’s worst economic crisis. Sri Lanka earlier this month secured approval of a $2.9 billion IMF bailout program a key step in its recovery from a crisis brought on by the pandemic and other troubles. In a related development, petroleum industry trade unions opposing a government decision to give licenses to three companies from the United States, Australia and China to run fuel stations in Sri Lanka were threatening to strike. President Ranil Wickremesinghe has said that giving up the IMF program would compel cash-strapped Sri Lanka to repay $6 billion-$7 billion a year until 2029.

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