AFP, Colombo

Sri Lanka on Monday raised prices of liquefied petroleum gas (LPG) by nearly a quarter, blaming higher global prices triggered by the Iran war.

As well as gas, Sri Lanka also imports all of its oil and buys coal for electricity generation.

Colombo has warned that a prolonged war in the Middle East could seriously undermine efforts to emerge from its economic meltdown of 2022. The increase in cooking gas prices on Monday is on top of an eight percent hike last month.

A private company, which accounts for about a quarter of the domestic LPG market, raised its retail price by 23 percent to 5,700 rupees ($18.08), up from 4,630 rupees ($14.69).