Colombo: Sri Lanka, which is experiencing the greatest financial crisis, has announced an increase in electricity cost of 264%.
The World News Agency reports that before the repayment of the IMF loan instalment, Sri Lanka—the nation experiencing the worst financial crisis, deficit, lack of dollars, and economic disaster—placed the entire weight on the people.
Loss-making The Ceylon Electricity Board of Sri Lanka reported that the government regulator had increased power rates historically for the first time.
According to official data, large consumers will pay approximately 80% more under the new electricity prices, while two-thirds of the 7.8 million families using less than 90 kilowatts of electricity per month will be severely hurt.
Similar to this, the lowest-paying customers, who are currently paid Rs 2.50 per unit, will now pay Rs 8.0. Government authorities, on the other hand, insisted that although the power firm sought an 800 percent increase in tariff, the regulator only allowed it to go up by a maximum of 264 percent. Large consumers who currently pay Rs 45 per unit will now have to pay Rs 75.
The "CEB" power provider in Sri Lanka has claimed that it is unable to get oil for its thermal generators, forcing it to carry out lengthy load shedding of energy throughout the nation.
It should be recalled that Sri Lanka declared default in April after failing to make payments on its $51 billion foreign debt, and that the new president, after a change of administration, is currently negotiating a bailout plan with the IMF.