Fuel prices increased to manage stocks and stabilize Market, officials say

Mayura Neththikumarage, the Managing Director of Ceylon Petroleum Storage Terminals Limited (CPSTL), provided details today (10) regarding the recent increase in fuel prices across Sri Lanka. He explained that this decision was made as a preventive step to avoid a sharp rise in fuel costs in the future. Neththikumarage mentioned that fuel prices are typically adjusted based on the previous month’s rates. Although Sri Lanka has enough fuel supplies for about 30 days, the prices for incoming shipments are rising significantly. He emphasized that managing the current fuel stocks is crucial to stabilize prices. “To avoid a sudden spike in fuel costs and to distribute the available supplies evenly over the months, we adjusted the prices,” said Neththikumarage. He also pointed out that the authorities are working to prevent fuel hoarding and ensure that the public can buy fuel at stable prices without long queues. Furthermore, he noted that if global market prices drop, Sri Lanka could see a reduction in fuel prices in the coming days. According to the fuel pricing formula, the Ceylon Petroleum Corporation (Ceypetco) changed fuel prices on March 1. However, just nine days later, prices for all fuel types were raised again last night (09). The price for a litre of Petrol 92 Octane increased by Rs. 24, now costing Rs. 317. Petrol 95 Octane saw a rise of Rs. 25, setting the new price at Rs. 365 per litre. Auto Diesel rose by Rs. 22 to Rs. 303 per litre, while Super Diesel increased by Rs. 24, making it Rs. 353 per litre. Kerosene prices also climbed by Rs. 13, bringing the new price to Rs. 195. Other fuel companies have also adjusted their prices accordingly.