Sri Lanka, March 16 -- Former Chairman of the Ceylon Petroleum Corporation, Mohomed Uwais Mohomed, says the government should consider reducing taxes on petroleum products to keep fuel prices stable in Sri Lanka.

Speaking at a media briefing, he said Sri Lanka is fully dependent on imported fuel and warned that rising global oil prices could create further pressure on the local economy.

"We have already increased the price of all petroleum products by Rs. 25, and global market prices are expected to rise further. Therefore, the government should look at reducing taxes to ease the burden on industries and consumers," he said.

He noted that tax reductions could be used as a form of subsidy to maintain price stability and prevent sudden i...