COLOMBO, March 22 (Xinhua) -- Sri Lanka's Power and Energy Minister Kanchana Wijesekera said on Wednesday that the government will reduce fuel prices in the country next month.
He told the parliament that this can be done due to falling international oil prices and the crisis-ridden country now having the ability to get competitive prices from suppliers due to the International Monetary Fund loan approval.
The minister also said the Sri Lankan rupee is also appreciating against the U.S. dollar.
According to the minister, President Ranil Wickremesinghe had advised him to reduce fuel prices following the IMF bailout package and the stabilization of the economy.
Sri Lanka increased fuel prices by over 200 percent in 2022 following a financial crisis in the South Asian country. ■