Lanka IOC, a fuel retailer which accounts for a third of the market, said it had raised the price of petrol to 303 rupees (just over a dollar) per liter from 254 rupees.
Two weeks ago, the company raised the price of gasoline by 25%.
The company said the increase was fueled by the 30% depreciation of the rupiah against the US dollar and other major currencies.
No price revisions were announced immediately by state-owned Ceylon Petroleum Corporation, but its representatives, who asked to remain anonymous, told AFP it was almost certain they would follow the Lanka IOC.
The country is in the grip of its worst economic crisis since its independence from Britain in 1948.
The island's foreign exchange reserves are at an all-time low as banks can no longer raise dollars to finance imports of food, fuel and medicine.
At least four people died last week in long lines to buy fuel.
Sri Lanka was already in the grip of a deep economic crisis when the Covid-19 pandemic hit, reducing remittances from foreign workers and crippling the lucrative tourism sector.
The government imposed a broad import ban in March 2020 to save foreign currency.
Shortages pushed food prices up 25% last month, with headline inflation hitting 17.5%, the fifth consecutive monthly record.
Sri Lanka is also facing long power cuts as thermal generators run out of oil.
Three international rating agencies have downgraded the island's rating since late last year over concerns it may not be able to service its $51 billion sovereign debt.
Sri Lanka announced earlier this month that it would seek a bailout from the IMF.
Negotiations are expected to begin next month in Washington.
© 2022 AFP