Sri Lanka to review fuel prices as global oil rates rise

Crude oil prices have risen sharply in the international market, and Sri Lanka’s fuel pricing will once again be calculated at the end of the month based on these global rates, Minister of Energy Anura Karunathilaka told the media.

According to the Minister, while fuel is currently sold domestically at prices lower than world market levels, private distributors have repeatedly warned they cannot continue under such conditions. He said the government is considering several measures to address the situation.

Explaining possible pricing methods, Karunathilaka noted that one option is to provide concessions, as was done in April and May when the government intervened to cushion consumers against rising global prices. Another option is to set a minimum and maximum price range for fuel companies, allowing them to sell within that band.

“We will consider all of this and make a decision. The interests of fuel consumers as well as the grievances of private companies will be taken into account,” he said.

The Minister added that the government remains mindful of balancing affordability for the public with the sustainability of fuel distribution, stressing that decisions will be made after reviewing both global market trends and local concerns. (Newswire)

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