No major fuel price hike expected in the near future: CPC

Sri Lanka has sufficient fuel stocks available until the end of July, according to the Managing Director of the Ceylon Petroleum Corporation (CPC), Dr. Mayura Neththikumarage.

The CPC Managing Director stated that two additional crude oil shipments are scheduled to arrive in the country on the 28 and 31 of May.

Speaking on domestic fuel prices, Neththikumarage said a sharp increase in prices is not expected in the near future, although a price reduction is also unlikely.

He further noted that many consumers have rushed to filling stations following reports of a possible fuel price hike.

However, the Managing Director emphasized that no decision has been taken to increase fuel prices and assured that there is no fuel shortage in the country.

Neththikumarage also said all expected fuel shipments for this month have already arrived in Sri Lanka, while the upcoming crude oil cargoes would help maintain fuel supplies in the coming months.

He added that although global diesel prices rose in April, they are now gradually declining, reducing the need for a significant fuel price increase that had previously been anticipated

Source: Adaderana