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AP National Business

Sri Lanka slashes fuel prices in welcome relief amid crisis

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Published 2:45 AM

By KRISHAN FRANCIS
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s government has 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. Minister of Power and Energy Kanchana Wijesekara told reporters different categories of petrol and diesel will be sold at prices from 8% to 26% lower, starting Wednesday at midnight. He said the price reduction was in line with a debt relief agreement with the International Monetary Fund. 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.

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