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Sri Lanka moves towards self sufficiency amidst world food crisis

Mar 6, 2011 10:54:15 AM - itnnews.lk

The World is facing a fuel crisis amidst the conflict in the Middle East.

The price of a barrel of crude could double if the unrest in the Arab world deteriorates. British international development minister Alan Duncan has said that the price of a barrel of crude oil could top 200 Dollars, well above the record high of 147 dollars reached in July 2008. Duncan said if extremists used the instability in the Arab world to bomb oil tankers, pipelines or Saudi reserves the situation could aggravate. A litre of petrol is sold at a high price in the British market. The retail price in Britain could increase fourfold if the Middle East conflict would be intensified. It has been warned that the country may have to function for weeks without fuel in such a situation. A few days ago the UN warned that the world is facing a food crisis. When a number of countries are facing such crises, Sri Lanka is becoming more stable while moving towards a self sufficient economy.