Srilanka, April 19 -- With tensions in the Middle East easing following the Iran-US ceasefire and the re-opening of the Strait of Hormuz, global oil prices have fallen by 9-12 percent, paving the way for some cost relief for consumers, Ceylon Petroleum Corporation (CPC) Chairman D.J. Rajakaruna told the Sunday Observer yesterday.

Rajakaruna said that while fuel shipments are going ahead as scheduled and import tenders have already been awarded up to June with payments already made, reductions in shipping insurance premiums and loading and unloading charges could permit savings to be passed on to consumers, provided the ceasefire holds for a sustained period following further talks in Islamabad.

The vessel Desh Mahima, owned by the Shipp...