Increase in Fuel Prices: Minister Sik Yuen's Explanations

The Petroleum Pricing Committee (PPC) has announced a new increase in fuel prices, effective from midnight.

The price of petrol (Mogas) will rise from Rs 58.45 to Rs 64.25 per liter, while the price of diesel (Gasoil) will increase from Rs 64.80 to Rs 71.25 per liter.

This decision follows the rise in prices on the international market, as well as an estimated deficit of Rs 3.2 billion in the Price Stabilization Account.

This marks the second increase in diesel prices within less than a month, following the one on March 25.

Listen to the explanations from the Minister of Commerce, Michael Sik Yuen, who spoke live on Radio Plus after the announcement of the fuel price increases.