Fuel price hike aimed at preventing bigger increase later: PSTC

10 March 2026 02:37 pm Views - {{hitsCtrl.values.hits}} 4 Bookmark

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By Poojathmi Rivithma

Colombo, March 10 (Daily Mirror) - The recent fuel price increase in Sri Lanka was implemented to avoid a much larger hike in the coming weeks as global oil prices are expected to rise, a senior official said.

Managing Director of the Petroleum Storage Terminals Company (PSTC), Mayura Netthikumara, said local fuel prices are typically revised based on global oil prices from the previous month. However, he noted that the prices of fuel shipments scheduled for next month have risen sharply in the international market.

He said the early adjustment was also intended to prevent fuel hoarding and the formation of queues at filling stations, while enabling the public to obtain fuel at a more stable price.

Netthikumara added that if global oil prices decline in the coming days, there is a possibility that local fuel prices could be reduced.

Under the monthly price revision mechanism, the Ceylon Petroleum Corporation had revised fuel prices on March 1, but all fuel prices were increased again on the night of March 9.

Comments - 4

Yeah right Tuesday, 10 March 2026 04:37 PM

So where does the additional profit go? Are you planning to reimburse each and every purchase? Or will it go towards buying a few more cabs?

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maha Tuesday, 10 March 2026 08:47 PM

Even though the Global situation would normalize, increased fuel price won't come back in Sri Lanka

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Bernard Jayatilake Tuesday, 10 March 2026 09:14 PM

The global fuel prices had already declined when you increased the prices which will have cascading effect on all major transactions inconveniencing the ordinary people of this country.

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Bernard Jayatilake Tuesday, 10 March 2026 09:14 PM

The global fuel prices had already declined when you increased the prices which will have cascading effect on all major transactions inconveniencing the ordinary people of this country.

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