Sri Lanka's already dire economic crisis has deepened as oil prices have surged above $110 a barrel. Vehicles are stranded with empty tanks and shopping mall air conditioners are being switched off to conserve energy.
Ravindra Mendis, owner of seven passenger buses, said four are idled for now due to the fuel crisis.
The higher oil prices are just an extra burden in what really is a foreign exchange crunch, said Energy Minister Udaya Gammanpila. He said stations also are rationing fuel to stop people from stockpiling diesel at home for their vehicles and power generators. “There are ships waiting for payment before they will unload fuel. Because of this delay limited stocks are being released to the market and fueling stations are limiting sales,” Gammanpila said.
Both countries are important markets for Sri Lankan tea and tourism, said Ranga Kalansooriya, a political and international affairs analyst.“We have already jumped into the fire from the frying pan and where we will be next we don’t know, ” Kalansooriya said.
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