|Sri Lanka angry on Iran sanctions||
Fuel prices rise in island-nation as U.S.-led sanctions on Tehran hit both imports and exports.
Sri Lanka, which relies heavily on imports of Iranian oil, is feeling the impact of U.S.-led sanctions on Tehran.
Rising global prices, due in part to U.S.-led sanctions against Iran along with the weakening of the Sri Lankan rupee, have led the price of kerosene to rise 49 percent, diesel 36.9 percent and petrol 7.7 percent in Sri Lanka.
Adding to Sri Lankan frustration is the fact that the South Asian nation's only oil refinery works best with Iranian light crude.
Colombo is also unable to receive payment of approximately $25m in lieu of tea sent to Iran due to the sanctions that began last June.
Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader