Retail fuel prices in Sri Lanka have increased following a revision by the state-owned Ceylon Petroleum Corporation, which came into effect today.
The new pricing structure has resulted in an increase of approximately 7-8% or at least 24 Rupees per liter across the board. The revision applies throughout the island through Ceypetco and all other filling stations, and reflects ongoing adjustments to energy pricing as authorities work to stabilize the country's finances.
This price revision comes amid heightened volatility in global oil markets, linked to ongoing tensions in the Middle East. This uncertainty has pushed international crude prices sharply higher, with benchmark prices exceeding 100 US dollars per barrel in recent days, prompting several oil-importing countries, including Sri Lanka, to adjust domestic fuel prices to reflect rising import costs.
Sri Lanka faced a severe economic crisis in 2022, which led to acute fuel shortages, long queues at petrol stations, and widespread disruptions, eventually prompting economic reforms backed by the International Monetary Fund.