New Delhi | March 24,2026 | SKY LINK TIMES
Sri Lanka Fuel Price Hike 25pc:
Sri Lanka has sharply increased fuel prices by up to 25 per cent, marking the second hike in just two weeks, as the country grapples with rising global oil prices triggered by the ongoing Middle East crisis. The move reflects growing pressure on import-dependent economies amid supply uncertainties.
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Petrol and Diesel Prices See Sharp Spike
According to official announcements on Sunday, the price of regular petrol has been increased from Rs 317 to Rs 398 per litre. Diesel, which plays a crucial role in public transport and goods movement, saw a steep hike of Rs 79, pushing its price to Rs 382 per litre.
This latest revision comes just days after an earlier 8 per cent increase, along with fuel rationing measures introduced to manage consumption and prevent shortages.
Import Dependence Behind Price Rise
Sri Lanka relies entirely on fuel imports to meet its domestic energy needs, making it highly vulnerable to fluctuations in global oil markets. The country sources refined petroleum products from Singapore, Malaysia, and South Korea, while crude oil is largely imported from the Middle East.
As geopolitical tensions intensify in the oil-rich region, supply disruptions and rising crude prices have significantly increased the cost of imports, forcing authorities to pass on the burden to consumers.
Rising Inflation and Economic Pressure
The back-to-back fuel price hikes are expected to have a cascading effect on Sri Lanka’s economy. Higher fuel costs directly impact transportation, leading to increased prices of essential goods and services.
Businesses and households, already dealing with economic stress, are likely to face further financial strain as inflation rises. Public transport costs, in particular, may increase sharply due to higher diesel prices.
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Regional Impact and India’s Role
The ripple effects of the crisis are being felt across South Asia, with several neighbouring countries expressing concerns over fuel supply disruptions.
India, a major exporter of refined petroleum products in the region, has received requests from countries such as Sri Lanka, Bangladesh, and the Maldives for diesel supplies. According to officials, these requests are being evaluated while ensuring domestic demand and refining capacity are not affected.
Uncertain Outlook Ahead
Experts warn that if the Middle East tensions persist, further volatility in global oil prices could lead to additional fuel price revisions. For import-dependent economies like Sri Lanka, the situation remains fragile, with energy security becoming a key concern.
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