Global crude oil prices declined slightly on Thursday, while the Ceylon Petroleum Corporation (CPC) says it has no immediate plans to revise domestic fuel prices.

According to international market data, West Texas Intermediate (WTI) crude fell 1.71% to US$82.16 per barrel. Brent crude declined 1.16% to US$88.00 per barrel, while Murban crude dropped 2.60% to US$85.71 per barrel.

Although Sri Lanka's monthly fuel price revision is due today under the fuel pricing formula, CPC Chairman D.J. Rajakaruna said the corporation is not preparing to adjust prices, citing its current financial position and uncertainty in global oil markets.

Addressing the Committee on Public Finance, Rajakaruna stated that despite significant increases in global crude oil prices in recent months, domestic fuel prices were raised by only around 4%. He also explained that the pricing formula is based on the cost of fuel imported during the previous month.