AS WTI Approached 110 And Brent Approaches 126 , Prices For Products Jump Much Higher For Smaller Nations- And This Will Also Hit Japan And China and The Rest Of Asia.

Sri Lanka feels pinch of Iran sanctions

Fuel prices rise in island-nation as US-led sanctions on Tehran hit both imports and exports. Last Modified: 20 Feb 2012 20:04 inShare2 Email Print Share Feedback

Sri Lanka, which relies heavily on imports of Iranian oil, is feeling the impact of US-led sanctions on Tehran. Rising global prices, due in part to US-led sanctions against Iran along with the weakening of the Sri Lankan rupee, have led the price of kerosene to rise 49 per cent, diesel 36.9 per cent and petrol 7.7 per cent 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. Al Jazeera's Minelle Fernandez reports from Colombo, where some say smaller nations are the hardest hit by tougher sanctions against Iran.