A revision of domestic fuel prices is likely at the end of this month, taking into account the recent increase in global crude oil prices and the prevailing situation in the Middle East, Energy Minister Anura Karunathilaka said yesterday (14).

The Minister made the remarks in response to questions from journalists regarding the fuel shortage currently being experienced by several fuel distribution companies.

He said that although international fuel prices have increased, fuel in Sri Lanka continues to be sold at a comparatively lower price. As a result, several private fuel distribution companies have informed the Government that it is becoming increasingly difficult for them to continue operations under the prevailing conditions.

Karunathilaka said discussions would be held with representatives of the companies to arrive at an appropriate decision.

He noted that the Government was considering several options to address the fuel shortage and rising costs, including providing a fuel subsidy, as done in the past, or introducing a calibrated pricing mechanism.

Although private fuel companies have submitted various proposals, he stressed that the final decision would be taken after giving due consideration to consumer interests.

Reiterating that fuel price revisions are generally carried out at the end of each month, the Minister said the Government would take the necessary steps at the end of September after assessing prevailing market conditions and consulting all relevant stakeholders.