Namal questions fuel price hike, CPC defends move

Wednesday, 11 March 2026 01:52 - - {{hitsCtrl.values.hits}}

Sri Lanka Podujana Peramuna Parliamentarian Namal Rajapaksa yesterday questioned the recent increase in fuel prices, arguing that the move contradicts Government assurances that the country has sufficient oil stocks to last 45 days.

Speaking to journalists at the Sri Lanka Podujana Peramuna headquarters on Nelum Mawatha, Rajapaksa said the President and the relevant Minister had earlier assured the public that there was no immediate cause for concern over fuel supplies. However, he said fuel prices had nevertheless been increased in line with developments in the global market.

Petroleum Storage Terminals Company Managing Director Mayura Netthikumara yesterday said the recent fuel price increase was introduced to avoid a much larger adjustment later as global fuel prices are expected to rise in the coming weeks.

Netthikumara said Sri Lanka typically revises fuel prices based on international oil price movements from the previous month. Although the country currently holds fuel stocks sufficient for around 30 days, he said the cost of incoming shipments for the next month has increased sharply.

“We usually adjust prices based on oil prices from the previous month. Although we have fuel stocks for about 30 days, the prices of incoming fuel shipments for the coming month are rising significantly,” he said, explaining the reasons behind the latest revision.

Netthikumara said authorities intend to manage existing fuel stocks carefully in order to stabilise prices.

“We adjusted prices now to avoid a much larger increase later and to distribute available stocks carefully throughout the month,” he said.

He added that the price adjustment was also intended to prevent fuel hoarding and avoid the emergence of queues, while allowing the public to purchase fuel at a stable price over a longer period.

“We also want to prevent hoarding situations, avoid queues forming and create the conditions for the public to obtain fuel at a stable price for a longer period,” he said.

Netthikumara added that if international market prices decline, domestic fuel prices could also be revised downward in the coming days.

“If world market prices fall, we will definitely be able to reduce fuel prices within the next few days,” he said.

Under the monthly fuel price formula, the Ceylon Petroleum Corporation revised fuel prices on 1 March. However, prices were increased again on the night of 9 March, just nine days after the earlier adjustment.

Rajapaksa also claimed that international oil prices had recently declined slightly before the local price revision, raising questions about the basis for the decision.

He further linked the fuel price increase to what he described as irregularities in coal procurement, referring to the alleged coal scam as a “huge fraud” that ultimately shifts financial losses onto the public.