Managing Director of the Petroleum Storage Terminals Company, Mayura Netthikumara, said the recent fuel price increase was implemented to prevent a much larger hike later, as global fuel prices are expected to rise in the coming weeks.

“We usually increase prices by adjusting to the oil prices of the previous month. Although we have fuel stocks sufficient for 30 days, the prices of incoming fuel shipments for the coming month are rising sharply,” he said, issuing a clarification regarding the reasons for the increase in fuel prices in Sri Lanka.

Mayura Netthikumara further said they expect to manage the fuel stocks currently in possession carefully in order to normalize the prices.

“We adjusted the prices to prevent a much larger increase at once and to use the available stocks carefully, distributing them across the month.”

“We also hope to control hoarding situations, prevent queues from forming, and create the background for the public to obtain fuel at one price over a long period.”

“If world market prices fall, within the next few days we will definitely be able to reduce our fuel prices,” he said, addressing the media. 

According to the monthly fuel price revision, the Ceylon Petroleum Corporation revised fuel prices on March 1, but just nine days later, on the night of March 9, all fuel prices were increased again. (Newswire)

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