Sri Lanka’s New Fuel Hike Pushes Inflation to 5.4%

Sri Lanka’s state-run Ceylon Petroleum Corporation raised kerosene, petrol and diesel prices by up to 12 rupees per litre. Since March, fuel costs have jumped over 35%, with gas and electricity rates also climbing sharply. Higher energy prices helped drive April inflation to 5.4%, more than double the previous month. Supply disruptions have even forced fuel rationing across the island. The country is slowly emerging from its 2022 economic crash and last year’s cyclone, which caused $4.1 billion in damage. A $2.9 billion IMF package is stabilising the economy, but rising fuel costs threaten the recovery.

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