The Ceylon Petroleum Corporation (CPC) said on Friday (24) that it is too early to determine whether local fuel prices will be revised next month, as the decision will depend on the average international oil price over the remainder of the monthly pricing period.

This, amidst global fuel price fluctuations due to the latest round of conflict between Israel, the United States, and Iran.“We cannot say whether there will be an increase or not at the moment, because we usually look at the monthly average. We still have about six days left. Therefore, we will have to make a decision based on whether prices increase or decrease during those remaining days,” CPC Managing Director Dr. Mayura Neththikumarage told The Sunday Morning.Global crude oil prices recently hit $ 100 a barrel for the first time since May, due to concerns over disruptions to global energy supplies as tensions in the Middle East escalate.Brent crude, the global benchmark for oil prices, increased more than 5% on Thursday, as military tensions between the United States and Iran escalated, while Houthi militia attacks on oil tankers in the Red Sea sparked concerns over the security of a key shipping route that Saudi Arabia has used to bypass the Strait of Hormuz.

The rise in global energy prices has already impacted consumers in some countries.