The Ceylon Petroleum Corporation (CPC) says the benefit of falling crude oil and refined fuel prices on the global market will be passed on to consumers at the next fuel price revision, signalling a reduction at the pump.
The state fuel supplier said the revision is scheduled for the day after tomorrow — July 31 — under the monthly pricing cycle.
CPC put the price of Brent crude on the British market at US$ 86.66 a barrel, and crude on the American market at US$ 81.73 a barrel. The corporation said global market fuel prices have fluctuated over the past few weeks.
The CPC did not specify which grades would be reduced or by how much. Sri Lanka revises fuel prices at the end of each month under a formula that weighs global oil prices, the exchange rate and import costs, and any change would take effect from midnight on the revision date.
The signal comes after a period in which pump prices moved in the opposite direction. Fuel prices were raised to near the levels last seen during the 2022 economic crisis earlier this year as import bills climbed, and the government has faced sustained pressure to pass on relief when global markets ease. Opposition leader Sajith Premadasa has repeatedly demanded reductions when world oil prices fell, arguing consumers were not seeing the benefit.
Fuel costs remain a significant pressure point for the external accounts. The country’s monthly fuel import bill has run into the hundreds of millions of dollars this year, weighing on foreign reserves and the current account.
The CPC statement is a forward-looking indication rather than a confirmed price schedule. Final figures are announced when the revision takes effect.
