The Ceylon Petroleum Corporation (CPC) is currently assessing the recent surge in global fuel prices, driven by multiple factors, including sanctions on Russia, an official said.
In its regular review of refined petroleum product prices, the CPC has noted the upward trend in the world market. The price curve showed a steady increase during the first three weeks of November, according to the top regulator of Sri Lanka’s petroleum trade.
The CPC cited seasonal demand for fuel and tightening sanctions on Russia, a major oil producer, as key contributors to the price hike. An official, speaking on condition of anonymity, added that sanctions on 117 vessels involved in transporting Russian fuel had also put upward pressure on prices.
However, news of a potential Russia-Ukraine peace deal around November 22 caused a slight dip in oil prices, easing supply concerns.
Sri Lanka imports two to three shipments of petroleum products each month. The CPC is currently evaluating the global market ahead of its next local price revision.
The Corporation follows a formula-based approach to ensure cost-reflective energy pricing in the domestic market.
