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Gasoline prices raised to record levels

Sri lanka's state run Ceylon Petroleum Company has increased fuel prices by 6.7% to help stem further losses, an official announced on Saturday.

The announcement was quickly followed by the country's only private sector fuel retailer, Lanka Indian Oil Company, deciding that it would also raise prices in line with the CPC.

Managing director of CPC Susantha Silva stated that by the end of October, the state run firm had run up losses of 75 billion rupees. HE further said that despite the hike in prices, the company would still be losing 5 rupees per litre.

Similiar prices hikes occured in February, with gasoline having been increased by 8.8 percent, diesel by 36.9 percent, and kerosene by 49.3 percent.

Sri Lanka has been struggling with importing crude oil into the country, in the wake of sanctions on Iran, the country's previous main supplier.

Adding to Sri Lanka's woes is the falling rupee which has depreciated by more than 14% since February also.

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