The Managing Director of the Ceylon Petroleum Corporation (CPC), Mayura Neththikumarage, stated that a reduction in domestic fuel prices cannot be expected in the upcoming price revision, based on current global market trends.
He noted that although fuel prices have shown a slight decline compared to March and April, global prices remain higher than those recorded prior to the outbreak of the Middle East conflict.
He further stated that global fuel prices for today (29) will be determined by this evening, and that a decision on local fuel prices will be made thereafter, following an assessment of prevailing market conditions.
However, he emphasised that no final decision has yet been made regarding fuel price revisions, and that several rounds of discussions are required before any adjustment is implemented.
During these discussions, it will be determined whether prices will remain unchanged or whether a slight increase may be introduced, he said.
Neththikumarage also stated that a crude oil shipment carrying 89,000 metric tons of WTI crude arrived in the country yesterday (28). In addition, another vessel carrying 95,000 metric tons of Murban crude is scheduled to arrive on May 31.
He further explained that CPC usually announces fuel prices on the 31st of each month; however, as the 31st falls on a Sunday this time, global oil prices will be reviewed this evening before a decision is made.
“We usually announce our prices on the 31st. However, since the 31st falls on a Sunday this time, today’s global oil prices will be announced this evening. We will consider all of that and make a decision. No special discussion has been initiated regarding this yet; it needs to go through several rounds of discussions. Therefore, we cannot say anything at this moment. However, there will clearly be no reduction; we need to assess whether prices will remain at the current level or whether there will be a slight increase. Nevertheless, there will not be a significant increase, so there is no need for undue concern,” he added.
