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Sri Lanka reduces import tax on petrol to control prices, while world prices continue to rise

Jan 24, 2011 10:58:26 AM - itnnews.lk

The entire world is embroiled in a dispute due to the soaring oil prices at a time when Sri Lanka has initiated such action to contain the fuel price.

It has yet been unable to estimate the damage caused to the economy as a result of disasters such as cyclones, floods, bush fires and volcanoes which had had a serious impact on every zone in the globe for several months. Flood waters in many countries are subsiding. There are signs of a considerable control being made on heavy snow. However, the economic dispute still persists. The damage inflicted on Victoria and Queensland states runs in millions of dollars. The Australian Prime Minister had been compelled to impose a new tax to overcome to a considerable extend the damage caused by the deluge. It is the Australians themselves who have to bear this burden. Europe which was embroiled in many natural calamities continuously is still facing a crisis of containing high inflation. Under such a situation, the World Food Organisation reports that food prices worldwide had soared to considerable extents. WFP’s statistics point out that even though there has been a considerable control made on the price of rice, prices of fuel and sugar had risen to unexpected levels. The price of wheat flour had soared to high levels in continents such as Asia, Latin America and Africa which import grain. In the face of such development, an unnatural growth is reported in the goods in comparison to 2009. According to the World Food Proramme, this is clearly displayed in sugar, fuel, grains and milk foods. The fuel price, which is unbearable, is influencing the world. Certain experts point out that the price of a barrel of oil may rise up to 150 or 200 US dollars. This fuel dispute is attributed to the instability in the future as well as the depreciation of the dollar in the international financial section. Authorities in every country from the World powers to the poorest states are facing the dispute of safeguarding their people.