Sri Lanka must brace for rising global prices amid Middle East tensions – Trade Minister

Minister of Trade, Commerce, Food Security, and Cooperative Development, Wasantha Samarasinghe, stated that global price increases are beyond domestic control and that a reduction in the supply of fuel and gas will inevitably lead to a surge in prices.

The Minister further noted that price hikes have already been reported internationally, and these costs will inevitably have to be borne by the country as they represent an unstoppable global trend.

Addressing the media, the Minister highlighted that the ongoing situation in the Middle East is affecting the entire world. He emphasized that it poses a significant challenge for every nation engaged in import and export activities, particularly those that rely on maritime shipping routes.

“The situation developing in the Middle East is one that affects the entire world. It is a major issue for every country that uses shipping routes for imports and exports. We cannot control the rise in global prices; if the supply of fuel and gas is restricted, prices will naturally escalate. Price increases have already been recorded, and we will inevitably have to bear the impact of those increases. It is a situation we cannot prevent,” he said.