Sri Lanka, March 10 -- The recent fuel price increase in Sri Lanka was implemented to avoid a much larger hike in the coming weeks as global oil prices are expected to rise, a senior official said.
Managing Director of the Petroleum Storage Terminals Company (PSTC), Mayura Netthikumara, said local fuel prices are typically revised based on global oil prices from the previous month. However, he noted that the prices of fuel shipments scheduled for next month have risen sharply in the international market.
He said the early adjustment was also intended to prevent fuel hoarding and the formation of queues at filling stations, while enabling the public to obtain fuel at a more stable price.
Netthikumara added that if global oil prices dec...