Govt. explores oil procurements from Africa and US

Friday, 6 March 2026 00:22 - - {{hitsCtrl.values.hits}}

The Government is also exploring alternative short-term sources for crude oil and refined petroleum products, against the backdrop of escalating unrest in the Middle East, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said.

“Potential procurement options under consideration include suppliers from Africa and the US,” he said at the weekly post-Cabinet meeting media briefing on Tuesday.

At present, Sri Lanka sources most of its fuel supplies from India, Singapore, Malaysia, and South Korea.

Responding to questions about the possibility of immediate fuel price revisions, Dr. Jayatissa said it was difficult to make predictions due to the uncertainty created by the evolving geopolitical situation.

He explained that the majority of Sri Lanka’s petroleum purchases are made through term tenders rather than spot purchases, which provides some level of stability. However, he cautioned that global conditions, particularly conflict in the Gulf region, make forecasting difficult. “

This is a global scenario. In such a situation, the ability to forecast is limited. However, the Government would closely monitor developments in global energy markets before taking any pricing decisions,” he explained, adding that authorities remain focused on minimising the impact on the cost of living for consumers.