The Ministry of Energy is preparing to recommend alternative measures, including a fuel price revision or a government subsidy, following a review of the rising cost of fuel imports.
Speaking to The Sunday Times, Energy Minister Anura Karunathilake said a review must be carried out within the next two weeks, as rising global prices of petrol, diesel and crude oil have directly increased Sri Lanka’s import costs.
He said that following the review, the Ministry may have to consider alternatives, including requesting the reinstatement of the Rs. 15 billion government subsidy that was previously provided but later suspended, or revising fuel prices to cover the increased costs.
The Minister noted that the last monthly fuel price revision was carried out in June and implemented from July, while no revision was made this month.
Meanwhile, Ceylon Petroleum Corporation Chairman Janaka Rajakaruna said fuel prices have increased by 48% since February, when the West Asian conflict began, with diesel prices recording a particularly sharp increase.
He added that insurance and transportation costs have also risen. Although Sri Lanka sources fuel from suppliers in countries including India, Singapore and South Korea, the continued increase in international oil prices remains a major concern.
