Sri Lanka hikes kerosene price to cut losses ...Middle East

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COLOMBO: Sri Lanka’s state-owned fuel distributor Ceylon Petroleum Corporation (CPC) hiked the price of kerosene with effect from Sunday midnight to cut losses, reported Xinhua.The CPC, in a statement, said the price of a litre of kerosene increased by 253 Sri Lankan rupees (US$0.7) to 340 rupees.Kerosene is used among several vulnerable communities and was earlier sold at a subsidised rate of 87 rupees.Last month, speaking in parliament, Minister of Power and Energy Kanchana Wijesekera said that they planed to raise the price of kerosene and give a subsidy to low-income groups. He said that the cost to produce a litre of kerosene is 421 rupees. Selling kerosene at a subsidised rate is one o

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