Fuel Prices Will Not Be Reduced Immediately, Says Minister

23-Jun-2026

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Energy Minister Anura Karunathilaka has stated that domestic fuel prices will not be reduced immediately even if global fuel prices decline.

He said that although crude oil prices have fallen significantly following a 60-day understanding aimed at easing tensions between the United States and Iran, the benefits of lower global prices would only be reflected when Sri Lanka makes fresh fuel purchases, likely around August.

Until then, the current QR-based fuel distribution system will remain in operation.

The Minister noted that crude oil is currently trading at around US$80 per barrel and that the government continues to provide subsidies to maintain existing fuel prices.

Cabinet has already approved Rs. 47 billion for this purpose, while Rs. 19 billion was allocated for fuel subsidies during February and March alone, he said.