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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
Litro Gas is Sri Lanka's largest gas company. It controls 85% of Sri Lanka's gas market. The company is wholly owned by Sri Lanka Insurance Corporation.. Established in 1872 as Colombo Gas and Water Company, [3] it was a wholly owned subsidiary of Royal Dutch Shell until 2010, when it was purchased by the government of Sri Lanka.
Ceylon Petroleum was Sri Lanka's largest company by revenue. But now the company is reporting loss in several million rupees. [31] In April 2020 Ceylon Petroleum Corporation lost Rs. 45.1 billion first quarter. Company total debt rising 1,158.7 billion. [32] Import expenditure on petroleum in 2021 was US$3.9 billion against US$1.7 billion in 2019.
However, in recent years, the opposite trend has become apparent, with the Bank of Canada and major Canadian financial institutions reporting that there is a disconnect between oil demand and the Canadian dollar's movement (having been virtually static within foreign exchange markets throughout the 2021–2022 global energy crisis). [8]
LAUGFS Gas was ranked 33rd in LMD 100, an annual list of listed companies in Sri Lanka by revenue in the financial year of 2020/21. [7] Brand Finance ranked LAUGFS Gas as the 70th most valuable brand in Sri Lanka for 2022 with a brand value of LKR816 million. [8] The company controls 20% of the LPG market share in Sri Lanka. [9]
The Sri Lanka fuel crisis began on 3 November 2017 when rumours started spreading that a fuel shipment belonging to Lanka IOC (Indian Oil Company) was rejected. Later on the rumour was confirmed as legitimate and the reason given was that the fuel in the rejected shipment was not up to standards. [1]
On 7 March 2023, the rupee gained 0.5% to trade at 250.8 per dollar, registering a 14% increase after the announcement by the IMF that it will finalize a $2.9 billion bailout for Sri Lanka on 20 March and receiving assurances from China that it will assist in the country's debt restructuring efforts.