Sri Lanka increases fuel prices to address economic crisis

A man waits inside a three-wheeler near a line to buy petrol from a fuel station, amid the country's economic crisis, in Colombo, Sri Lanka, May 23, 2022. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) -Sri Lanka increased fuel prices on Tuesday, a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to galloping inflation at least in the short term.

Power and Energy Minister Kanchana Wijesekera said in a message on Twitter that petrol prices would increase by 20-24% while diesel prices would rise by 35-38% with immediate effect. Daily limits on how much each consumer can purchase will continue.