• Five rapid hikes since March drive prices close to 2022 levels 
• All fuel categories see Rs 100+ increase 
• Octane 95 and Super Diesel each surge by Rs 155 a litre 
• Kerosene records steepest percentage increase at 56.6%

Prices in all major fuel categories have risen sharply since March, with increases ranging from Rs 103 to Rs 155 per litre following five separate price revisions implemented between 1 March and 31 May. 

With the latest fuel price revision, which came into effect from midnight yesterday (31 May), prices have now risen to their highest levels this year. Compared with the prices that prevailed prior to 1 March, Octane 95 petrol has seen an overall increase by Rs  155 per litre, Octane 92 petrol by Rs  141, Lanka Auto Diesel by Rs  126, Lanka Super Diesel by Rs 149 and kerosene by Rs  103.

The first revision came into effect on 1 March, following the eruption of Middle East tensions on 28 February. At that stage, Octane 92 petrol increased by Rs  1 per litre from Rs  292 to Rs  293. Auto diesel rose by Rs  4 from Rs  277 to Rs  281, and super diesel increased by Rs 6 from Rs 323 to Rs  329. Prices of Octane 95 petrol and kerosene remained unchanged at Rs  340 and Rs  182 respectively.

A second revision followed on 10 March. Octane 95 petrol increased by Rs  25 per litre to Rs  365, while Octane 92 petrol rose by Rs  24 to Rs  317. Auto diesel increased by Rs  22 to Rs  303, super diesel by Rs  24 to Rs  353 and kerosene by Rs  13 to Rs  195 per litre.

The largest single increase during the period came on 22 March amid growing concerns over global energy supplies. Octane 95 petrol increased by Rs  90 per litre from Rs  365 to Rs  455. Octane 92 petrol rose by Rs  81 from Rs  317 to Rs  398. Auto diesel increased by Rs  79 from Rs  303 to Rs  382, super diesel by Rs  90 from Rs  353 to Rs  443 and kerosene by Rs  60 from Rs  195 to Rs  255 per litre.

Fuel prices were revised again on 3 May. Under that revision, Octane 95 petrol increased by Rs  15 per litre to Rs  470, Octane 92 petrol by Rs  12 to Rs  410, auto diesel by Rs  10 to Rs  392, super diesel by Rs  15 to Rs  458 and kerosene by Rs  10 to Rs  265.

The fifth and latest revision took effect from midnight yesterday (31). Octane 95 petrol increased by a further Rs  25 per litre from Rs  470 to Rs  495. Octane 92 petrol rose by Rs  24 from Rs  410 to Rs  434. Auto diesel increased by Rs  15 from Rs  392 to Rs  407, super diesel by Rs  20 from Rs  458 to Rs  478 and kerosene by Rs  20 from Rs  265 to Rs  285 per litre.

As a result, current retail prices stand at Rs  495 per litre for Octane 95 petrol, Rs  434 for Octane 92 petrol, Rs  407 for Lanka Auto Diesel, Rs  478 for Lanka Super Diesel and Rs  285 for kerosene.

A comparison between prices that prevailed on 1 February, just 27 days before the Middle East conflict began, and those currently in effect shows the scale of the increases over the four-month period. Octane 95 petrol has increased from Rs  340 to Rs  495, representing a rise of Rs  155 or 45.6 per cent. Octane 92 petrol has increased from Rs  292 to Rs  434, a rise of Rs  142 or 48.6 per cent. Auto diesel has increased from Rs  277 to Rs  407, a rise of Rs  130 or 46.9 per cent. Super Diesel has increased from Rs  323 to Rs  478, a rise of Rs  155 or 48 per cent. Kerosene has increased from Rs  182 to Rs  285, representing the highest percentage increase of the group at 56.6 per cent, equivalent to Rs  103 per litre.

The successive increases have come against the backdrop of continuing instability in the Middle East. The conflict began on 28 February following military action involving the United States, Israel and Iran, triggering concerns over global oil supplies and the security of the Strait of Hormuz, one of the world's most strategically important shipping routes for crude oil and petroleum products.

Although diplomatic efforts aimed at ending the conflict have intensified in recent weeks and discussions between Washington and Tehran are continuing, uncertainty over regional security and future energy supplies has kept international oil markets volatile. Those developments have contributed to upward pressure on fuel prices globally, with the impact continuing to be reflected in Sri Lanka's domestic fuel pricing formula through a series of revisions implemented over the past three months.