Fuel prices in Sri Lanka are expected to remain consistent when the monthly price revision is announced midnight today (31), according to Ceylon Petroleum Corporation (CPC) Managing Director Dr. Mayura Neththikumarage.

Noting that a reduction of around 10% had been achieved under the new Government, he said: “Overall, the prices have not changed substantially, other than about a 10% reduction since the new administration came into power. Whether it is not significant is not for me to determine.”

He noted that Sri Lanka continued to follow a cost-reflective pricing formula, with adjustments directly tied to global market conditions. 

Commenting on the committee’s review scheduled for tomorrow (1 September), he indicated that prices were expected to remain steady, given that international prices had remained consistent.

Addressing concerns over public expectations, Dr. Neththikumarage explained that domestic fuel pricing was also shaped by the country’s outstanding debts. He revealed that a tariff of roughly Rs. 50 per litre on certain fuel products was currently being collected to cover losses incurred by the CPC in past years. 

He said these funds were administered by the Treasury rather than the CPC itself, due to which he could not provide a timeline for when the debt settlement process would be completed. “The Government’s priority is to first clear these debts before considering further reductions for consumers,” he added.