The government will have no option but to increase fuel prices if the US – Iran conflict escalates into an all out military clash, Higher Education, Information, Communication Technology and new Inventions Minister Bandula Gunawardana said.
If there is a military confrontation between the two countries, the oil transportation from the Middle East will be fully disrupted and that would directly contribute to increase oil prices in the global market drastically, Minister Gunawardana told reporters and added in such a scenario, the government cannot fully absorb the financial losses.
“Therefore, the consumers will also have to bear part of the losses resulting from the oil price hike,” he said.
Minister Gunawardana said the Ceylon Petroleum Corporation (CEYPETCO) maintains a buffer stock of Octane 92 petrol, Octane 95 petrol, Diesel and Super Diesel sufficient for 20 days and Aviation Fuel for 19 days.
But in a fuel crisis, this stock will not be enough, he said.(Sandun A. Jayasekera)