April fuel bill soars to $ 886 m, up 150% YoY

Monday, 1 June 2026 00:25 - - {{hitsCtrl.values.hits}}

First four months’ oil bill up 54% YoY to $ 2.16 b

Sri Lanka’s oil import bill surged by 150% year-on-year (YoY) to $ 886 million in April from $ 630.1 million in March, registering the highest fuel bill so far for 2026 amid rising global energy prices following the Mideast crisis.

The Central Bank of Sri Lanka (CBSL) said this was driven by higher global oil prices triggered by the ongoing Middle East conflict and increased import volumes.

The April fuel import bill alone accounted for 36% of the total monthly expenditure on imports of $ 2,457 million, the data showed.

During the month, Sri Lanka imported crude oil worth $ 108.1 million, refined petroleum amounting to $ 734.6 million, and coal worth $ 43.4 million.

This also pushed the first four months’ fuel import bill up by 53.6% YoY to over $ 2.16 billion, compared to $ 1.41 billion in the same period in 2025.

Last week, President Anura Kumara Dissanayake warned of mounting pressure on the economy as the country’s oil import bill surged more than sixfold between February and May amid rising global energy prices and growing subsidy costs.

He said oil imports had risen significantly, with May imports projected to reach $ 522 million.

“Compared with February, oil imports have increased more than six times,” he said, highlighting the growing strain on foreign exchange outflows.

The President said the actual cost of a litre of diesel was around Rs. 720, while it continued to be sold to consumers at Rs. 392, resulting in substantial losses being absorbed by the Government and the Ceylon Petroleum Corporation (CPC).

Dissanayake also stressed the need to reduce fuel consumption, warning that maintaining existing consumption levels at elevated prices would accelerate dollar outflows and place additional pressure on the economy.