Panic buying led to premature fuel price increase – CPC Chairman

Urges public to limit fuel consumption

While urging the public to limit fuel consumption, Chairman of the Ceylon Petroleum Corporation D. J. Rajakaruna said the recent rise in fuel prices had been significantly influenced by panic buying, with many consumers purchasing fuel in large quantities over the past few days due to fears of a possible shortage.

Speaking to the media yesterday, Rajakaruna requested the public to minimize fuel consumption as much as possible and use fuel efficiently in the face of the ongoing energy crisis linked to tensions in the Middle East.  

He noted that had this situation not arisen, the country would have been able to purchase fuel at the previous price levels until the end of this month.  

Rajakaruna further warned that the global fuel crisis is affecting many countries and stressed that collective action is necessary to manage the situation, once again appealing to the public to use fuel sparingly.