Sri Lanka must brace for rising global prices amid Middle East tensions – Trade Minister

Wasantha Samarasinghe, the Minister of Trade, Commerce, Food Security, and Cooperative Development in Sri Lanka, warned that rising global prices are not something the country can control. He explained that a drop in fuel and gas supply will likely cause prices to rise. The Minister pointed out that international price increases have already been noted, and Sri Lanka will have to deal with these costs as they reflect a larger global issue. Speaking to the media, he mentioned that the current events in the Middle East impact the whole world. This situation is a serious challenge for all countries involved in importing and exporting goods, especially those that depend on shipping routes. “The situation developing in the Middle East is one that affects the entire world. It is a major issue for every country that uses shipping routes for imports and exports. We cannot control the rise in global prices; if the supply of fuel and gas is restricted, prices will naturally escalate. Price increases have already been recorded, and we will inevitably have to bear the impact of those increases. It is a situation we cannot prevent,” he stated.