Lanka Indian Oil Corporation (LIOC) says that the company is suffering a loss of Rs. 125-120 per litre on diesel and calls for the need of a price revision.
According to the LIOC, their pricing is mainly dependent upon international pricing and Sri Lanka’s deepening economic crisis alongside currency depreciation is the reason for this loss.
At present, Sri Lanka is undergoing a severe economic crisis with the price of US Dollar in Sri Lanka having increased by 50%. With rupee depreciation, some banks continue to charge as high as Rs. 345 per USD.
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