The Ceylon Petroleum Corporation (CPC) has implemented a substantial fuel price revision, effective from midnight on May 30, 2026, marking the eighth such adjustment in the past five months of this year. This increase comes despite earlier denials and assurances from the corporation regarding price stability and adequate reserves.
Initially, CPC Managing Director Dr. Mayura Neththikumarage had categorically denied rumors of an imminent fuel price increase, attributing queues at fuel stations to false propaganda. He repeatedly assured the public of sufficient fuel stocks, initially stating reserves would last until the end of July, with two crude oil shipments (90,000 metric tonnes each from the US and UAE) expected by May 31. While one update extended this stock assurance to November, a later statement reverted to confirming availability only until the end of July.
As the end of May approached, the CPC's stance shifted. The Managing Director indicated a fuel price revision was scheduled for May 31st, with discussions for the June revision to follow. He clarified that no price reduction was expected in the upcoming revision, citing global market trends where prices, despite a slight decline from March and April, remained higher than pre-Middle East conflict levels. He also stated that reductions were unlikely before September and advised against undue fear of significant increases.
However, the revision ultimately resulted in a hike across most fuel types:
* Lanka Auto Diesel: Increased by Rs. 15 to Rs. 407 per litre.
* Lanka Super Diesel Euro 4: Increased by Rs. 20 to Rs. 478 per litre.
* 95 Octane Petrol: Increased by Rs. 25 to Rs. 495 per litre.
* 92 Octane Petrol: Increased by Rs. 24 to Rs. 434 per litre.
* Kerosene: Increased by Rs. 20 to Rs. 285 per litre.
Following the CPC's announcement, Lanka IOC and Sinopec also revised their prices effective the same midnight. Specific adjustments included 92 Octane Petrol increasing by Rs. 24 to Rs. 434 per litre and 95 Octane Petrol increasing by Rs. 25 to Rs. 495 per litre across all three companies. Lanka IOC's Super Diesel price was increased to Rs. 600 per litre, while Sinopec maintained its Super Diesel price at Rs. 600 per litre.
The latest price hikes have drawn public concern, with citizens expressing sentiments of hardship. The Container Transport Owners' Association has called for a 7% fare increase, while a representative for bus owners suggested a 5% increase in bus fares, with a minimum fare of Rs. 32. However, the National Transport Commission has stated that no change in bus fares is currently planned.
This domestic price surge occurs amidst reports of a contrasting global trend. International media noted that the global crude oil price had posted its biggest one-month decline (20%) in six years as global oil trading closed on Saturday night, delivering relief to consumers in several countries, including Pakistan, Malaysia, Spain, and Portugal. The Middle East conflict has been cited as a significant factor influencing local fuel price increases.