Govt. considers fuel price revision amid rising global prices

Sri Lanka
By Editor_1
The government is considering a revision of fuel prices at the end of September amid rising international fuel prices and the evolving situation in the Middle East – gulfnews.com/File

COLOMBO – The government is considering a revision of fuel prices at the end of September amid rising international fuel prices and the evolving situation in the Middle East, Minister of Energy, Ports and Civil Aviation, Anura Karunathilaka, said on Monday (14).

Speaking to journalists after an event in Colombo, the minister highlighted international fuel prices increases in recent days land said, while fuel continued to be sold at comparatively lower prices in Sri Lanka several private fuel distribution companies had raised concerns over the difficulties of continuing their operations under the prevailing conditions.

“We expect to discuss the matter with representatives of those companies and reach a solution,” Karunathilaka said, adding that several factors have contributed to the current challenges facing fuel distributors and the increase in global prices.

He said the government was considering several options, including possible market intervention, a fuel subsidy or the introduction of a pricing mechanism that more closely reflects costs.

While private fuel companies have submitted proposals regarding a possible price increase, Karunathilaka said the government would take into account the interests of consumers before reaching a final decision.

Fuel prices are generally reviewed at the end of each month, and the government will assess prevailing market conditions and consult relevant stakeholders before deciding on the next course of action at the end of September, he said, assuring the public that Sri Lanka had sufficient fuel stocks and that there was no risk of a fuel shortage.

He said the government would take the necessary measures to address the difficulties faced by fuel distribution companies while ensuring an uninterrupted supply of fuel to consumers.

-ENCL

Editor_1
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