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AP National Business

Higher oil prices push Sri Lanka into deeper economic crisis

KIFI
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Published 9:16 PM

By KRISHAN FRANCIS
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s already dire economic crisis has deepened as oil prices have surged above $110 a barrel. Vehicles are stranded with empty tanks, power cuts deprive students of study time for exams and shopping mall air conditioners are being switched off to conserve energy. Sri Lanka was already so short of hard currency authorities ordered bans on imports of cars and fertilizer. As oil prices soar during the Russia-Ukraine conflict, the South Asian island’s fuel stocks are running out. Authorities have announced countrywide power cuts extending up to 7 1/2 hours a day because they can’t supply enough fuel to power stations.

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