A reduction in domestic fuel prices is not expected in the upcoming revision, Ceylon Petroleum Corporation (CPC) Managing Director Mayura Neththikumarage said on Friday, pointing to global crude prices that remain above pre-Middle East-conflict levels.
Global fuel prices have eased slightly compared with the March–April peaks but have not returned to pre-war levels, Neththikumarage told Ada Derana. CPC will assess this evening’s international price prints before any local decision is taken, and several rounds of internal discussion are required before a revision is finalised.
The revision date itself has been pulled forward this cycle. “We usually announce our prices on the 31st. However, since the 31st falls on a Sunday this time, today’s global oil prices will be announced this evening. We will consider all of that and make a decision,” he said. The MD added that no final position had been taken yet, but ruled out a reduction: “There will clearly be no reduction; we need to assess whether prices will remain at the current level or whether there will be a slight increase. Nevertheless, there will not be a significant increase, so there is no need for undue concern.”
The supply position remains intact. A vessel carrying 89,000 metric tonnes of WTI crude arrived in the country on Thursday (28), and another carrying 95,000 metric tonnes of Murban crude is scheduled for May 31. The MD confirmed earlier this week that procurement covers fuel demand through September.
The MD’s stance preserves the post-Hormuz pricing baseline and pushes back against expectations of relief, even as the automatic monthly formula remains the framework for the decision. CPC’s per-litre import-vs-retail gap on diesel and kerosene, disclosed earlier this week, is the other constraint on any cut.
Source: Ada Derana.
