Will rising crude oil prices impact Sri Lanka? (watch video)

Will rising crude oil prices impact Sri Lanka? (watch video)

Written by Ramesh Irugalbandara

14 Apr, 2015 | 9:04 pm

Crude oil prices in the World Market have been on the rise over the past week. Despite the increase in the price of Oil, the Price of a Barrel of Crude oil in the US Market stood at 59 US Dollars.

During the end of January this year, the price of a barrel of crude oil was at between 45 US Dollars and 47 US Dollars.

However, over the past two weeks the price has seen a gradual increase.
News 1st contact the Ministry of Power and Energy to inquire whether the price increase in the world market would have an effect on Petrol and Diesel prices here at home.

Secretary to the Ministry of Power and Energy Dr. Suren Batagoda stated that this would not directly impact the prices of fuel here at home. He remarked that the ministry does not hope to increase fuel prices in the domestic market simply because prices in the Global market rise.

News 1st also inquired as to whether Sri Lanka would benefit from the agreements that Iran reached with world powers recently, as Sri Lanka is one of Iran’s Leading Oil Importers.

Reacting to this, Dr. Batagoda stated that tensions between Iran and USA have eased to a certain extent and expressed optimism about the possibility of being able to import oil from Iran once more.

Will rising crude oil prices impact Sri Lanka?Full story: http://goo.gl/7rNnma

Posted by Newsfirst.lk on Tuesday, April 14, 2015

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