Energy Minister Anura Karunatilaka told the media that Sri Lanka’s fuel pricing formula will be recalculated at the end of the month based on global market prices, as crude oil prices have risen sharply in the international market.
According to the Minister, fuel is currently being sold in Sri Lanka at prices below those prevailing in the global market. Private distributors have repeatedly warned that they cannot continue operating under these conditions, he said.
The government is considering several options to address the situation, the Minister added.
One option is for the government to intervene and provide relief to consumers, similar to the measures taken in April and May to reduce the pressure caused by rising global fuel prices.
Another option under consideration is to establish a minimum and maximum price range for fuel companies, allowing them to sell fuel within those limits.
“We will consider all these matters before making a decision. The needs of fuel consumers as well as the issues faced by private companies will be taken into consideration,” the Minister said.
He further stated that the government has a responsibility to maintain a balance between providing fuel at an affordable price to the public and ensuring the sustainability of the fuel distribution system.
The final decision will be made after reviewing global market trends and domestic factors, he emphasized.
