Fuel prices set to rise again

By Yohan Basura

Colombo, March 19 (Daily Mirror) - Fuel prices in Sri Lanka are likely to rise once more by the end of this month or early next month, according to informed sources at the Ceylon Petroleum Corporation (CPC).

Officials indicated that the upcoming increase could surpass the recent hike, driven primarily by higher import duties resulting from the ongoing crisis in the Middle East.

In addition to fluctuations in the global oil market, rising shipping costs and insurance premiums are expected to contribute significantly to the price adjustment.

Official sources estimate that the increase could range between 5 to 10 percent.

Effective March 10, the Ceylon Petroleum Corporation (CPC) increased fuel prices in response to rising global fuel costs amid the ongoing Middle East conflict. The new retail prices are Rs. 303 per litre for Auto Diesel, Rs. 353 for Super Diesel, Rs. 317 for Petrol 92 Octane, Rs. 365 for Petrol 95 Octane, and Rs. 195 for Kerosene.

Explainer: What is the Strait of Hormuz? How will its closure impact oil prices? Click here to read more