Tuesday Mar 17, 2026
Tuesday Mar 17, 2026
Tuesday, 17 March 2026 06:11 - - {{hitsCtrl.values.hits}}
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| Mohamed Uvais |
Former Ceylon Petroleum Corporation Chairman Mohamed Uvais has urged the Government to consider reducing fuel taxes to help stabilise prices as global oil markets face mounting uncertainty.
Speaking at a press conference yesterday, Uvais warned that disruptions in the Strait of Hormuz could worsen if another key shipping route between Yemen and the African continent is also affected.
He noted that Sri Lanka, which imports all of its petroleum requirements, remains highly exposed to global supply shocks. Fuel prices have already been increased by Rs. 25 across all categories and could rise further if international oil prices continue to climb.
Uvais said the country must strengthen supply chain management and maintain close coordination with fuel suppliers to mitigate risks.
He added that if additional maritime routes are disrupted, as much as 35% of global oil transport could be affected, placing significant pressure on import-dependent economies such as Sri Lanka.
