COLOMBO (News 1st): Lanka IOC, the Indian Oil Corporation in Sri Lanka increased petrol and diesel prices by Rs. 50/- and Rs.
75/- from Thursday (10) .Lanka IOC Statement:CBSL has announced flexibility in foreign exchange rate and the Sri Lankan Rupee has depreciated twice in last 7 days against the dollar, initially to Rs 230 per USD and then again to an exorbitant level of Rs.
260 from Rs. 203 previously. Even after this upward revision in exchange rates by over 28%, the inflow of US dollar has not improved much in the banking channels during past two days.
The banks are, however, offering USD at the rate of Rs 260 and even much beyond.On the other side, Oil has also been rising sharply on the prospects for a full embargo on Russian oil and products and reaching near to the highest levels seen earlier in 2008.