The Ceylon Petroleum Corporation (CPC) says motorists should not expect a reduction in fuel prices during the next monthly fuel price revision, citing current conditions in the global oil market.
CPC Managing Director Mayura Neththikumarage stated that although international fuel prices have eased slightly compared to March and April, they remain higher than levels recorded before the outbreak of the Middle East conflict.
Speaking on the upcoming fuel pricing decision, he explained that global fuel prices for June will be reviewed based on market data available by the evening of May 29, after which local pricing decisions will be considered.
However, Neththikumarage emphasized that no final decision has yet been reached and that several rounds of discussions are required before any changes are announced.
According to him, authorities will evaluate whether current fuel prices should remain unchanged or whether a slight increase may be necessary based on prevailing international market conditions.
He also revealed that a shipment carrying 89,000 metric tons of WTI crude oil arrived in Sri Lanka on May 28, while another vessel transporting 95,000 metric tons of Murban crude oil is expected to reach the country on May 31.
The CPC traditionally announces monthly fuel prices on the 31st. However, since the date falls on a weekend this time, officials will first assess the latest global oil price movements before making a final determination.
Neththikumarage noted that while a price reduction is unlikely, there is currently no indication of a major fuel price increase. He stressed that any possible adjustment would likely be limited and that there is no reason for public concern at this stage.
Global oil prices have remained volatile in recent months due to geopolitical tensions in the Middle East, supply concerns and fluctuations in energy demand, all of which continue to influence fuel pricing decisions in Sri Lanka.
The upcoming revision is expected to be closely monitored by consumers and businesses, particularly as fuel prices have a direct impact on transportation costs, inflation and overall economic activity.
