The Ceylon Petroleum Corporation (CPC) says there will be no sudden increase in domestic fuel prices this month, despite the sharp rise in international crude oil prices. CPC Chairman D. A. Rajakaruna said the corporation is currently studying a possible revision of local fuel prices based on movements in global petroleum markets.
The announcement comes as global oil prices remain elevated amid growing concerns over supply disruptions and tensions affecting key shipping routes in the Middle East. Brent crude settled at around US$104.61 a barrel on September 11, while West Texas Intermediate (WTI) stood at around US$100.05 a barrel. Although prices declined during Friday’s trading session, Brent was still on course for a weekly gain of more than 8 percent, according to Reuters.
Global oil markets have come under increased pressure following attacks on energy infrastructure and disruptions around important shipping routes, including the Strait of Hormuz and the Red Sea. Saudi Arabia has also temporarily shut its East-West oil pipeline following a drone attack, raising further concerns about global oil supplies.
The International Energy Agency (IEA) has warned that continuing disruptions could lead to a 5.7 million-barrel-per-day reduction in global oil supply during 2026. Refined fuel prices, particularly diesel, have also increased sharply, with the agency warning that prolonged supply disruptions could keep energy markets under significant pressure.
Despite the international price surge, CPC says motorists in Sri Lanka should not expect an immediate or sudden fuel price increase this month. The corporation is continuing to assess global market movements before deciding whether an adjustment to domestic fuel prices is required.
According to the latest prices displayed by the CPC, Lanka Petrol 92 is currently priced at Rs. 399 per litre, while Lanka Auto Diesel is priced at Rs. 382 per litre.
