Speaking at a media briefing, he said Sri Lanka depends entirely on imported petroleum and is highly vulnerable to international market fluctuations.
He noted that fuel prices have already been increased by Rs. 25 locally, and further increases in the world market could make the situation more difficult for consumers and industries.
Mohomed pointed out that geopolitical tensions around key oil transport routes, including the Strait of Hormuz, could disrupt global supply.
He said another important sea route between Yemen and the African continent carries about 12 percent of global oil shipments, and if both routes face problems, nearly 35 percent of global oil transportation could be affected.
He stressed that countries like Sri Lanka would face severe pressure under such conditions and must take early steps to protect fuel supply.
The former CPC Chairman also said the government should consider reducing taxes on petroleum products to help maintain price stability and reduce the burden on the public if global prices continue to rise.
