Sri Lanka reels under soaring price hike of basic commodities as economic crisis deepens

The mounting economic turmoil in Sri Lanka has pushed up the prices of basic commodities in the nation. The crisis-hit island nation is currently undergoing an unprecedented economic catastrophe, with people queuing for hours to purchase basic necessities including food, fuel, and medicines. People in the country have no option but to face the brunt of the surging prices of many essential commodities. Food prices in Sri Lankan supermarkets have advanced dramatically in recent weeks. According to reports, staple foods like rice and wheat are currently marketed for around Rs 220 per kg and Rs 190 per kg respectively.

The prices of fruits and vegetables have also witnessed a steep rise amid the economic and political crises in the country. Speaking to ANI, a local fruit vendor, Farukh stated that apple was sold for Rs 500/kg three to four months ago, but now its price has gone up to Rs 1000/kg. "Earlier, pear was sold at Rs 700/kg, now it is being sold at Rs 1500/kg. People don't have money," he added. 

Prices for essential products skyrocketing in Sri Lanka

Another essential commodity Sugar is now priced at Rs 240 a kg in a Colombo supermarket, making it almost unaffordable for the average middle-class person. Another crucial product, coconut oil is currently priced at around Rs 850 per litre. Common people in the country are set to experience a searing hole in their pockets, as 1 kg of milk powder now costs Rs 1900. Meanwhile, essential products are currently in short supply in the island nation, which is also facing long power outages. 

India delivered 40,000 MT of diesel to Sri Lanka

Earlier last month, the Lanka Indian Oil Corporation (LIOC), the country's second-largest retail fuel distributor, raised the price of diesel by Rs 75 per litre and the price of petrol by Rs 50 per litre. With the surge in fuel costs, LIOC has effectively exited the local petroleum market and is pricing its products in accordance with market conditions. The island nation is also currently facing a foreign exchange deficit, which has resulted in food, fuel, power, and gas shortages, and has sought economic assistance from friendly countries. On Saturday, April 2, Sri Lanka received 40,000 MT of diesel from India to aid with the country's power issue. 

(With inputs from ANI)

Image: ANI/PTI/AP