The Ceylon Petroleum Corporation (CPC) says it will not immediately increase domestic fuel prices despite a rise in global oil prices.
CPC Chairman D.J. Rajakaruna said the corporation would discuss the matter with the government and announce later whether fuel prices would be increased.
Global crude oil prices have risen above US$100 a barrel amid heightened tensions in the Middle East and developments around the Red Sea and Bab el-Mandeb Strait. Brent crude was trading at US$104.06 a barrel, while West Texas Intermediate (WTI) was at about US$100, according to the report.
Sri Lanka’s fuel prices are due to be revised again at the end of this month.
Rajakaruna also said sufficient fuel stocks were available at Ceypetco filling stations, despite reports of certain private fuel distributors restricting diesel sales. (Newswire)