Sri Lanka’s monthly fuel import expenditure, which previously stood at around USD 100 million, has now surged to over USD 520 million due to the current conditions in the global market, according to reports from the Ceylon Petroleum Corporation.
The highest increase in import costs has been recorded in diesel. The price of a barrel of diesel was USD 88.8 in February, which rose sharply to USD 191.7 in March and further increased to USD 199.7 in April. Although there was a slight decline in May, several countries, including India, have predicted that prices could rise again by the end of the month.
Commenting on the situation, J. D. Rajakaruna, Chairman of the Ceylon Petroleum Corporation, stated that despite these challenging circumstances, the government is working to provide additional relief of Rs. 100 per litre on diesel and Rs. 20 per litre on petrol.
He further noted that the government is currently spending Rs. 57 billion per month on the subsidy provided for diesel, which remains the most widely used fuel in the country.
