• The decision was taken due to the rupee depreciating by Rs.57 against the USD twice in a span of seven days

By Chaturanga Samarawickrama

Lanka IOC to increase its retail selling prices for diesel by Rs.75 per litre and petrol by Rs.50 per litre with immediate effect, LIOC Managing Director Manoj Gupta said.    

He stated that the decision was made due to the rupee depreciating by Rs.57 against the USD twice in a span of seven days, which has directly impacted the landed cost of gasoil and gasoline, making them more expensive by an equivalent amount per litre.   

The Central Bank of Sri Lanka (CBSL) has announced flexibility in the foreign exchange rate and the Sri Lankan rupee has depreciated twice in the last 7 days against the dollar, initially to Rs 230 per USD and then again to an exorbitant level of Rs. 260, from Rs. 203 previously.