Fuel prices to remain unchanged for now: CPC
The Ceylon Petroleum Corporation (CPC) has assured that there will be no immediate increase in domestic fuel prices despite a sharp rise in global crude oil prices.CPC Chairman D.J. Rajakaruna said any decision to revise fuel prices would be taken following discussions with the Government, with any changes to be announced officially.International oil prices have surged amid escalating tensions in the Middle East and disruptions around the Red Sea’s Bab el-Mandeb Strait, a key global shipping route.
Brent crude has risen to around US$104 per barrel, while West Texas Intermediate (WTI) crude has been trading at around US$100 per barrel.The regular fuel price revision in Sri Lanka is scheduled for the end of this month.
Meanwhile, reports of diesel shortages have emerged at several filling stations operated by private fuel distributors, with some stations displaying “out of diesel” notices.Petroleum Distributors Association Executive Director D.V. Shantha Silva said private operators had restricted diesel sales due to financial losses under the existing fuel pricing formula.
However, CPC Chairman Rajakaruna assured the public that adequate fuel stocks are available at all Ceypetco-managed filling stations.