Fuel price increase in May could be unbearable: Minister warns

Colombo, March 22 (Daily Mirror) - If the ongoing war situation does not come under control in the coming weeks, there would be a fuel price increase that cannot be borne in the next fuel price revision, Cabinet spokesman and Minister Nalinda Jayatissa warned.

He said the government is closely monitoring global developments but cannot predict the course of the conflict, which directly affects fuel prices. “There is no decision to revise fuel prices anytime soon,” he added.

Minister Jayatissa explained at today’s media briefing that the first price revision this month had already raised fuel costs, though the increase was much smaller than what would have been required based on the current crude oil barrel and dollar rates. “If we had increased the price fully according to market rates, the country’s economy would not have been able to absorb it at once,” he said.

To protect consumers, the government has absorbed part of the additional cost from the fuel price hike. However, he cautioned that the next scheduled revision in May could bring a substantial increase if global conditions, including the war, continue to worsen.