Sri Lanka’s fuel import bill almost tripled in the first five months of 2026, climbing from US$186 million in January to US$521 million in May, Cabinet Spokesperson Dr. Nalinda Jayatissa disclosed at the weekly post-Cabinet briefing on Tuesday.
The minister said the increase has tracked the surge in global crude prices since the Middle East conflict broke out, while monthly fuel consumption volumes have remained broadly stable.
“Fuel imports cost USD 186 million in January, USD 97 million in February, USD 95 million in March, USD 316 million in April, and USD 521 million in May,” Dr. Jayatissa said, citing Ministry of Finance data. “Although fuel consumption remained within the range of 80–90 per cent from January to May, the monthly import cost has risen from USD 186 million to USD 521 million during the same period.”
Auto diesel demand was 4,538 kilolitres in January, 4,846 in February, 6,130 in March, 3,988 in April and 3,701 kilolitres in May. Total diesel consumption fell from 5,944 to 5,394 kilolitres between January and May, while Petrol 92 Octane sales fell from 5,565 to 4,849 kilolitres over the same period.
The price-driven jump in the import bill is the headline pressure behind the post-restructuring current account flipping back to deficit in April. Central Bank data already show the April fuel bill alone at US$886 million — about 36 per cent of total monthly imports — and the May figure now points to a deeper hit when full April–May external sector data are published.
The minister said the government continues to “try to adjust fuel prices in line with fluctuations in the global market.” CPC has already disclosed sharp per-litre losses on petrol, diesel and kerosene at current retail prices, and the May 30 retail revision has not closed the gap. The Central Bank Governor on Monday warned that headline inflation could rise to 7 per cent within the Bank’s 3–7 per cent target band if Middle East tensions and elevated fuel prices persist.
Source: Ada Derana.
