Local fuel prices will rise in line with world prices – Minister

Co-Cabinet Spokesman, Minister Ramesh Pathirana says the fuel prices could increase further in Sri Lanka due to the rise in crude oil prices in the world market.

Addressing the media briefing to announce Cabinet decisions this morning (February 22), the minister said a rapid increase in fuel prices is observed in the world market against the backdrop of the tensions between Ukraine and Russia.

The Ceylon Petroleum Corporation (CPC) continues to sell fuel at current rates while incurring a huge loss, the minister explained, adding that the government is yet to take a decision on revising the fuel prices.

However, such revision is expected to be made soon, he added.

The Minister also said they are of the view that if fuel prices reduce in the world market, the domestic prices should also reduce and the public should receive the benefit.