No increase in fuel prices

Ridma DISSANAYAKE

The Petroleum Ministry recently announced that fuel prices would not be increased due to the price hike in Iranian crude oil.

Petroleum Ministry Secretary Dr. H.M.S. Samaratunge said the increase in global fuel prices was not as high as that was experienced a few months back and assured there would not be an immediate increase in local fuel prices.

He observed that the rising tension in the Middle East and Syria would not have a positive impact on the global fuel prices.

He has noted that an energy subcommittee is currently working on an 'energy mix' programme to be applied locally and it would be completed within next four months.

According to Petroleum Industries Ministry sources, fuel and crude oil prices in the World Market had increased again in the past three weeks.

The Petroleum Industries Ministry states that Iranian crude oil imported by Sri Lanka had gone up by 10 US dollars per barrel.

However, Petroleum Industries Minister Susil Premajayantha also said fuel prices would not be increased again as a result of this price hike. According to ministry sources, the price of a barrel of Iranian lite crude oil increased by US $ 10 and the prices of several petroleum products, such as, diesel, petrol and kerosene oil increased by US $ 16 during the last three weeks.

The price of a barrel of Brent crude oil increased by US $ 9 and simultaneously the price of a barrel of Iranian crude oil and WTI crude oil increased by US $ 7 during the same period. Accordingly, a barrel of Brent crude oil increased to US $ 108.58 from US $ 96.38 and the price of a WTI crude oil barrel increased to US $ 92.66 from US$ 83.99.