• Consumption at 80-90% 

Cabinet Spokesperson Dr Nalinda Jayatissa (02) said that although fuel consumption remained within the range of 80-90 per cent from January to May of this year, the monthly import cost has risen from US$ 186 million to US$ 521 million. “We are trying to adjust fuel prices in line with fluctuations in the global market,” he noted as he disclosed details pertaining to the fuel consumption and fuel import costs in the country so far this year.

He stated that fuel import costs have continued to increase in line with prices in the global market. He stated that the Government spent $ 186 million on fuel imports in January, while the fuel import bill had surged to $ 521 million by May. Dr Jayatissa further commented, “If we look at fuel consumption figures, Auto Diesel consumption stood at 4,538 kilolitres in January, 4,846 in February, 6,130 in March, 3,988 in April, and 3,701 in May.” He said that the total amount of diesel used in January was 5,944 kilolitres, and 5,394 in May. “A total of 5,565 kilolitres of petrol 92 Octane was used in January, while 4,849 had been used in May.” “However, with the increase in oil prices in the global market, our monthly oil import costs have increased. Fuel imports cost $ 186 million in January, $ 97 million in February, $ 95 million in March, $ 316 million in April, and $ 521 million in May.”

Meanwhile, bus fares will not be increased despite the recent rise in fuel prices, according to the Deputy Transport Minister, Prasanna Gunasena. He noted that bus fare revisions are carried out based on the existing fare revision formula. Accordingly, he noted that a revision is only considered if fuel price fluctuations exceed 4%.

“Bus fares will not increase with the rise in fuel prices. Fares are adjusted according to the formula. Only if fuel prices change by more than 4% will fares be revised. This time, the increase has not exceeded that threshold, so, there will be no fare increase,” he said.