SL hikes kerosene prices 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.