Electric bomb dropped on people in Sri Lanka; 264% increase in prices

 According to the World News Agency, in Sri Lanka, the country suffering from the worst financial crisis, deficit, lack of dollars and economic crisis, the entire burden has been put on the people before the recovery of the loan installment from the IMF.

Loss-making Sri Lankan company Ceylon Electricity Board said the government regulator has made a historic hike in power tariffs for the first time in nine years to cover accumulated losses of $616 million.

Government officials, on the other hand, maintained that the power company had recommended an 800 percent hike in tariff but the regulator limited it to a maximum of 264 percent.

Two-thirds of the 7.8 million households using less than 90 kilowatts of electricity per month will be hit hardest by the new electricity rates, while larger consumers will pay about 80 percent more, according to government records.

Similarly, the smallest consumers who are currently charged Rs 2.50 per unit will be charged Rs 8.0. Large consumers charged Rs 45 per unit will have to pay Rs 75.

Sri Lankan electricity company "CEB" has said that it is unable to buy oil for its thermal generators, due to which it is forced to long load shedding of electricity across the country.

It should be noted that Sri Lanka declared default in April after defaulting on its $51 billion foreign debt, and the new president is currently negotiating a bailout package with the IMF following a change of government.