Sri Lanka Fuel Prices Static Despite Global Oil Drop

Sri Lanka will not reduce domestic fuel prices in the immediate future, despite a decrease in global oil prices, according to government statements. State Minister of Finance, Anil Jayanth, explained that the country is still utilising fuel imported at higher costs, and these stocks must be depleted first. Prime Minister Harini Amarasuriya indicated that the government is currently subsidizing fuel, keeping prices around LKR 400 per litre, while the actual cost could be as high as LKR 700. A decision on lowering prices can only be made once the existing inventory of expensive fuel is exhausted.