Sri Lanka, Sept. 12 -- The Ceylon Petroleum Corporation says there will be no immediate increase in domestic fuel prices despite the sharp rise in global crude oil prices.

CPC Chairman D.J. Rajakaruna said any future fuel price increase would be announced following discussions with the government.

Global crude oil prices have surged above USD 100 a barrel amid escalating tensions in the Middle East and the seizure of territory on both sides of the Bab al-Mandab Strait by Houthi rebels, threatening a key global shipping route linking the Red Sea with the Suez Canal.

However, yesterday's close crude prices recorded a slight decline of USD 3 to USD 104 a barrel, while WTI crude stood at USD 100 a barrel.

Domestic fuel prices are schedule...