Ceylon Petroleum Corporation has warned that fuel prices are unlikely to decrease before September despite recent declines in global oil prices.
Speaking to reporters today (29), CPC Managing Director Mayura Neththikumarage said a reduction in fuel prices cannot be expected in the coming months.
“In this month or next month, largely until September, a price reduction cannot be expected. Whether there is an increase, we cannot say at this moment. We are still studying that,” he said.
Neththikumarage explained that international fuel prices are scheduled to be announced later today, while CPC usually reviews prices on the 31st of each month. However, since May 31 falls on a Sunday, the corporation will assess today’s global market update before making a decision.
He added that several rounds of discussions are still required before any price revision is finalized.
“Perhaps it remains at this level, or there is a slight increase, which needs to be studied. However, clearly, there will not be a large increase. There is no need to create unnecessary fear regarding this,” he noted.
Neththikumarage further stated that although global fuel prices have eased from earlier peaks, they remain significantly higher than pre-war levels.
According to him, a barrel of diesel that cost USD 290 in April is now trading between USD 140 and USD 150, compared to USD 80–90 before the war.
The CPC also confirmed that fuel orders have already been finalized through August, ensuring sufficient fuel stocks until September.
“If we receive the fuel we have ordered, then we will have sufficient fuel stocks until September of this year. All orders have been finalized for August, which will also arrive in September,” he said.
