Fuel prices to be increased again? – President issues clarification in parliament

President Anura Kumara Dissanayake offered an update today about fuel prices in Sri Lanka. This comes as crude oil prices are rising globally and other nations are increasing their fuel prices due to the ongoing crisis in the Middle East. He pointed out that the Ceylon Petroleum Corporation (CPC) provides 57% of the fuel needed in the country, while the private sector covers the remaining 43%. The President mentioned that private suppliers have asked for prices that match the current global rates for the fuel they bring in. He stressed the need for a quick decision on adjusting fuel prices to keep the national fuel supply steady. Speaking to Parliament, the President explained that according to the current pricing system, domestic fuel prices go up by Rs. 2 for every dollar increase in global oil prices. He noted that the main issue is the rise in global fuel prices, not the depreciation of the Sri Lankan rupee against the US dollar. The President also highlighted that many countries worldwide are facing tough choices about fuel prices, with increases between 6% and 50%. While global prices have climbed by nearly 49%, Sri Lanka has only seen an 8% rise in fuel costs. He concluded by stating that Sri Lanka is experiencing a major challenge in ensuring a stable fuel supply.