Minister of Energy Anura Karunathilaka stated that a revision of fuel prices is likely to take place at the end of September, considering the recent increase in global crude oil prices and the prevailing situation in the Middle East.

The Minister made these remarks today (14) in response to questions from journalists regarding the ongoing fuel shortage experienced by several fuel distribution companies.

He pointed out that although fuel prices in the international market have increased, fuel in the domestic market continues to be sold at a comparatively lower price.

Accordingly, several private fuel distribution companies have informed the government that continuing their operations under the prevailing conditions has become increasingly challenging. The Minister said discussions will be held with representatives of these companies to reach an appropriate decision in the near future.

Noting that there are several possible solutions to address the fuel shortage and rising costs, the Minister said the government is considering options such as providing a fuel subsidy, as it has done in the past, or introducing a calibrated pricing mechanism.

He further emphasised that although private fuel companies have submitted various proposals, the final decision will be made while giving due consideration to the interests of consumers.

Reiterating that fuel price revisions are generally carried out at the end of each month, Minister Karunathilaka said the government will take the necessary steps at the end of this month after assessing prevailing market conditions and consulting all relevant stakeholders.