Trade, Commerce and Food Security Minister Wasantha Samarasinghe warned that the ongoing conflict in the Middle East could lead to increases in global fuel and gas prices, which would also affect Sri Lanka.
Speaking on the situation, the Minister said the current conflict is impacting not only Sri Lanka but the entire world, particularly disrupting shipping routes used for imports and exports and affecting certain air travel routes.
He noted that global supply chains are under pressure due to the conflict, with some shipping routes, including those passing through the Strait of Hormuz, facing disruptions. As a result, international trade and logistics have been affected.
Samarasinghe said Sri Lanka cannot control global price increases, especially if oil and gas supplies decline, adding that price hikes are already being reported in international markets and such increases would inevitably affect Sri Lanka as well.
However, the Minister said Sri Lanka has already secured fuel supplies until the end of April. He also said the government has reached agreements with gas suppliers to ensure gas supplies for the entire year.
In addition, agreements have been reached with coal suppliers to ensure adequate coal supplies for electricity generation throughout the year.
Samarasinghe added that the government is prepared to use all available options to continue imports and exports, while also exploring alternative supply routes if disruptions to global shipping or logistics worsen due to the ongoing conflict. (Newswire)