Sri Lanka, March 10 -- The Managing Director of the Ceylon Petroleum Storage Terminals Limited (CPSTL), Mayura Neththikumarage has explained today (10) the reasons for yesterday's increase in fuel prices in the country.

He stated that the decision was taken as a precautionary measure to prevent a sudden surge in fuel prices in the future.

Speaking further, the Managing Director of the CPSTL, Neththikumarage, noted that the revision in fuel prices is usually done based on the price of fuel in the previous month. However, although the country maintains a fuel stock sufficient for about 30 days, the price of fuel expected to arrive on ships for the following month has been rising significantly.

He added that authorities aim to manage the ...