Sri Lanka Hikes Retail Fuel Prices Amid Global Crude Oil Volatility Due to Middle East Conflict

Colombo. Amid continuous fluctuations in international crude oil prices due to the ongoing conflict in the Middle East region, Sri Lanka has increased the retail prices of fuel applicable nationwide. According to the state-owned Ceylon Petroleum Corporation (CPC), the new fuel prices were set to be effective from midnight on Monday.

Under the new adjustment, the price of auto diesel has increased by 22 rupees to 303 rupees per liter. Similarly, the price of super diesel has been increased by 24 rupees, set at 353 rupees per liter. For petrol, the price of 92 Octane petrol has risen by 24 rupees to 317 rupees per liter, while the price of 95 Octane petrol has been set at 365 rupees per liter after an increase of 25 rupees. Furthermore, the CPC announced that the price of kerosene has also been increased by 13 rupees per liter to 195 rupees.

According to officials at the Ceylon Petroleum Corporation, the price adjustment in the domestic market was necessitated by the uncertainty and continuous fluctuations in international crude oil prices. It was stated that pressure on fuel prices is increasing in many countries as the conflict in the Middle East is impacting the global energy supply chain.

The corporation stated that various steps have been taken to ensure sufficient fuel supply for the coming months, keeping in mind the country's energy requirements. Necessary orders for fuel supply sufficient until the month of Shrawan (July/August) according to national needs have already been placed. Additionally, the government has arranged for fuel procurement through an international tender process to ensure long-term supply.

Meanwhile, according to information provided by CPC Managing Director Mayura Neththikumara on Sunday, the available fuel reserves in the country are estimated to be sufficient until the end of April if the current consumption rate is maintained. He also mentioned that continuous monitoring and planning are underway to make the supply management more effective.