Sri Lanka's state petroleum corporation says it will not immediately raise domestic fuel prices despite crude oil climbing above $100 per barrel, citing ongoing discussions with the government on the matter.
The Ceylon Petroleum Corporation has announced it will maintain current domestic fuel prices this month despite significant increases in global crude oil costs. CPC Chairman D.J. Rajakaruna stated that the corporation is currently in discussion with the government regarding potential price adjustments and will make a formal announcement at a later date.
Global crude oil prices have risen sharply above $100 per barrel, driven by heightened tensions in the Middle East and developments affecting shipping routes including the Red Sea and Bab el-Mandeb Strait. Brent crude was trading at approximately $104.06 per barrel, while West Texas Intermediate crude stood near $100 per barrel, according to available reports.
Rajakaruna indicated that Sri Lanka's fuel prices are scheduled for routine revision at the end of the month. He also addressed supply concerns, stating that adequate fuel stocks remain available at Ceylon Petroleum Corporation filling stations. However, he acknowledged reports that certain private fuel distributors have been restricting diesel sales, though the corporation itself maintains sufficient supplies.