The Central Bank of Sri Lanka has forecast that Sri Lanka’s fuel import costs could increase significantly in 2026.
Oil prices are expected to remain high in the coming period due to the geopolitical crises in the Middle East region and the instability of the global oil market.
A large portion of Sri Lanka’s total import costs are spent on fuel. Over the past 10 years, Sri Lanka has spent an average of nearly 20% of its total imports on fuel imports.
However, the report also states that the average import price of a barrel of crude oil has declined from US$84.7 in 2024 to US$73.2 in 2025, in line with price changes in the international market.