Ceylon Petroleum Corporation (CPC) Chairman D.J. Rajakaruna says Sri Lanka’s fuel import expenditure is expected to decline significantly by July if global oil prices remain stable or continue to fall.
He noted that the CPC’s monthly fuel import bill, which normally averages around US$100 million, surged to US$522 million in April due to high international fuel prices and additional diesel imports required for electricity generation.
According to Rajakaruna, the expenditure has already fallen to approximately US$318 million this month and is projected to decrease further to around US$198 million by July.
He attributed the expected reduction to improved crude oil supplies for the Sapugaskanda refinery and the gradual decline in global diesel prices.
However, the CPC Chairman cautioned that fuel costs beyond July will depend on international market conditions and geopolitical developments, adding that any significant price increases may require discussions with the IMF on future policy responses.
