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Fuel prices in Sri Lanka surged to record levels on May 24, 2022, putting additional economic pressure on a nation already reeling from the its worst crisis in over 70 years. Residents have been queuing at petrol stations for hours, some for days, to fill their vehicles. The country’s inflation rate has also reached a record high of 33.8 per cent year on year in April, according to government data. The country has since declared bankruptcy and has no foreign reserves left to buy imported goods including food, medicine and fuel. Some economists say the economic situation has been exacerbated by Chinese-funded infrastructure projects, many of which are largely unused despite the huge amounts of public finances spent on them. In a virtual address to the World Economic Forum, Sri Lankan president Gotabaya Rajapaksa pleaded for international help to import essentials. Rajapaksa has refused to step down amid mass protests sparked by the nation’s economic crisis.

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