No fuel shortages expected despite Iran-Israel tensions: CPC Chairman

Colombo, June 24 (Daily Mirror) - Amid growing concerns over the potential impact of the Iran-Israel conflict on Sri Lanka’s fuel supply, Ceylon Petroleum Corporation (CPC) Chairman Janaka Rajakaruna assured the public yesterday that the country has already secured sufficient fuel stocks for the next two months.

Speaking at a media briefing, Rajakaruna stated that the CPC had placed and confirmed orders for fuel deliveries well in advance, ensuring there would be no disruptions to supply due to the ongoing conflict.

“The issue is not about current availability but about the source of our imports and whether the war would affect them. According to our reports, most of the 92 octane petrol we import comes from Malaysia, Singapore, Oman, and India not from areas affected by the conflict,” he explained. He further added that diesel stocks too are not sourced from countries in proximity to the conflict zone.

In addition, the country’s new fuel distributors Lanka IOC, Sinopec, and RM Park have also assured uninterrupted distribution of their fuel consignments for the next two months.

“There is no issue with crude oil imports either, and the public need not fear any fuel shortages as a result of the conflict,” Rajakaruna emphasized.

He also noted that the CPC has placed orders covering fuel requirements until the end of this year, and global market prices have remained largely unaffected by the ongoing tensions a trend observed during previous conflicts as well.

Commenting on speculation regarding possible fuel price hikes, the CPC Chairman cautioned the public against falling for social media rumours and unverified analyses.

“People tend to queue up at fuel stations based on unfounded rumours of price increases. Even when global prices rise, they usually stabilize within a week or two,” he said.

Rajakaruna added that given the CPC’s recent large fuel purchases, there is minimal likelihood of a price increase next month. “In fact, there’s a good chance we might be able to avoid raising fuel prices at all during that period,” he concluded.