Possible increase in prices of imported goods amid Middle East conflict – Dy Minister

Deputy Minister of Trade R. M. Jayawardena has indicated that Sri Lanka could see higher prices for imported goods because of the ongoing conflict in the Middle East and issues with fuel transport. In a media briefing today (15), he described how the global conflict is putting pressure on trade and logistics. This situation has especially impacted the shipping and distribution of fuel and other essential items, which could lead to increased import costs. He pointed out that crude oil prices have already risen to about US$ 100 per barrel, adding more pressure on international shipping routes. Consequently, transportation expenses might go up, and certain supply chain issues could result in higher prices for goods entering Sri Lanka. Despite these difficulties, the government is working to lessen the impact on the nation. The Deputy Minister mentioned that officials are focused on ensuring a steady supply of goods in the local market. One important strategy is to diversify the sources from which Sri Lanka imports goods. Besides the usual countries, the government is now looking for new international suppliers to stabilize supplies and avoid shortages. Deputy Minister Jayawardena stressed that these actions are aimed at reducing the chances of essential goods becoming scarce in the local market. However, he recognized that some price hikes may be inevitable due to global economic challenges and rising transport costs. He also assured the public that the government is closely watching the situation and will keep taking necessary steps to ensure goods are available while trying to limit the impact on consumers.