Energy Minister Anura Karunathilaka stated that foreign private fuel companies operating in the country have requested the government to revise fuel prices in accordance with landing costs, taking into account fluctuations in global market fuel prices.
Speaking to the media, the Minister noted that there are no legal impediments to revising fuel prices in this manner under the agreements established with these private companies, and therefore, the government could consider the request.
Market sources indicate that private companies including LIOC, Sinopec, and RM Parks have expressed concern over rising landing costs caused by disruptions to maritime routes resulting from conflicts in West Asia.
However, it is reported that despite the increase in landing costs, the Ceylon Petroleum Corporation has decided not to pass these costs on to the fuel it sells.