The
government has slapped a new tax on petrol imports as the country
struggles to come to terms with the steep rise in fuel prices in the
local market.
The new tax has come into operation immediately after the Ceylon
Petroleum Corporation (CPC) and the Lanka Indian Oil Company (LIOC)
increased the prices of petrol and diesel to Rs. 157 and Rs. 110
respectively over the last weekend.
The LIOC entered the Sri Lankan market in a big way in 2003 during the
then Premier Ranil Wickremesinghe’s tenure.
The Treasury has imposed, what a well informed official engaged in the
trade categorized as a Customs Import Duty (CID) on petrol imports
with immediate effect. The official said the duty would add an
additional Rs. 24.50 on every litre of petrol imported to the country
by the CPC and LIOC.
An
Indonesian student jumps over a burning tire during a demonstration
against fuel prices hikes in Medan, North Sumatra, Indonesia, Tuesday,
May 27, 2008. Indonesian government raised fuel prices by nearly 30
percent last week to avoid a budget blow out amid soaring global oil
prices. (AP Photo)
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