Price Hike Needed to Protect Reserves and Public from Sudden Burden, says CPC

COLOMBO (News 1st): The Ceylon Petroleum Statutory Corporation’s Managing Director, Mayura Neththikumara, has explained the reasons behind the latest fuel price increase, stating that the decision was taken after assessing global market trends and the outlook for the coming month.

He said the authority evaluated the rising prices in the world market and considered the average price required to maintain local fuel rates without imposing a significant burden on consumers. Based on this assessment, the decision was made to increase fuel prices last night.

According to Neththikumara, the price adjustment was necessary both to prevent fuel hoarding and to create a foundation that would allow the country to maintain fuel at a reasonable price level for the public.

He emphasized that Sri Lanka has no control over global oil price hikes. 

However, he noted that the country cannot afford to exhaust all its secure reserves or stocks purchased at lower prices within a single month. If that happens, he warned, Sri Lanka would face a major issue the following month when international prices rise further.

“The people living today will be the same people next month,” he said, adding that a sudden, sharp increase would be difficult for the public to bear. 

The current price revision, he explained, was introduced to avoid such a hardship and to manage the situation more sustainably.