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New Delhi: Due to the ongoing war and tension in the Middle East, fuel prices are skyrocketing in Sri Lanka. On Sunday, the country increased the prices of petrol and diesel by up to 25 percent. This is the second time in two weeks that prices have been increased so sharply.

Now the price of normal petrol has increased from Rs 317 per liter to Rs 398. At the same time, the price of diesel, which is widely used in public transport, has been increased by Rs 79 to Rs 382 per liter.

Middle East war deepens oil crisis

The ongoing conflict between America, Israel and Iran has badly affected the supply of crude oil. Global oil prices have increased rapidly due to the impact of important routes like the Strait of Hormuz. Crude oil became costlier by more than 8 percent last week, while it has increased by more than 57 percent in a month.

Sri Lanka is completely dependent on fuel imports. It sources finished petroleum products from Singapore, Malaysia and South Korea, while crude oil comes from the Middle East. Fuel shortage has increased due to this crisis.

Fuel rationing and efforts to reduce consumption

Along with increasing prices, Sri Lanka has implemented rationing to reduce fuel consumption. Limited quantity of petrol and diesel is being made available. Long queues are forming at petrol pumps in many cities. People are buying more out of panic.

The government has reduced public programs and increased holidays in offices so that fuel can be saved. Coal is also purchased from abroad for power generation, the cost of which is increasing.

Inflation and impact on common people

This increase will greatly increase transportation costs. There is a possibility of increase in fares of buses, trucks and autos. Due to this, food items and everyday items will become expensive. There will be a huge burden on families and businessmen who are already facing financial difficulties. Inflation may increase rapidly.

India has said that it will consider the requests for diesel supply to neighboring countries like Sri Lanka. External Affairs Ministry spokesperson said that India is a big exporter of processed petroleum products, but the decision will be taken keeping in mind the domestic needs.