ECONOMYNEXT – More than 100 suspects have been arrested for hoarding and selling fuel at a higher price than the market price in Sri Lanka, police said, amid long queues across the country for fuel.
Police Spokesman Nihal Thalduwa said 429 raids have been conducted island wide so far and they have arrested 137 suspects for hoarding and selling fuel at higher prices.
“So far we have found 27,000 liters of petrol from these raids and 22,000 liters of diesel,” Thalduwa said.
State owned fuel supplier Ceylon Petroleum Corporation (Ceypetco) increased the fuel prices to record high early this week.
According to the newly revised up prices, the confiscated fuel stock values around 20.5 million rupees.
Sri Lanka has seen a gradually growing black market for fuel due to shortage and rising prices since early this year amid the government banning filling fuel into cans and barrels.
With the implementation of the ban, fuel is now collected by going several trips to fill the vehicles.
Power and Energy Minister Kanchana Wijesekera on Tuesday warned against those who attempts to repeatedly fill fuel after collecting the fuel into separate containers while depriving others receiving fuel.
People have told Economy Next that a bottle of petrol (less than 1 liter) was sold at 400 rupees before the price was at 338 rupees a liter. In some area in Colombo, a 500 ml bottle of petrol has been sold for 350 rupees before the Tuesday’s price hike. (Colombo/May 24/2022)