The Ceylon Petroleum Corporation (CPC) has cautioned that fuel prices are unlikely to decrease before September, despite recent declines in global market rates.

“In this month or next month, largely until September, a price reduction cannot be expected. Whether there is an increase, we cannot say at this moment. We are still studying that,” CPC Managing Director Mayura Neththikumarage told reporters today (29).

He explained that international oil prices are announced later today, with CPC typically reviewing them on the 31st of each month. However, since May 31 falls on a Sunday, the corporation will consider today’s global price update before making any decisions.

“Several rounds of discussions need to be held. At this time, we cannot say. Perhaps it remains at this level, or there is a slight increase, which needs to be studied. However, clearly, there will not be a large increase. There is no need to create unnecessary fear regarding this,” he added.

Neththikumarage noted that while prices have eased from earlier highs, they remain well above pre‑war levels. 

A barrel of diesel, which cost USD 290 in April, now trades between USD 140 and USD 150, compared to USD 80–90 before the war. “Fuel prices have decreased, but not to the level before the war,” he said.

The CPC has already finalized fuel orders through August, ensuring adequate supplies until September. 

“If we receive the fuel we have ordered, then we will have sufficient fuel stocks until September of this year. All orders have been finalized for August, which will also arrive in September,” Neththikumarage confirmed. (Newswire)

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