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Commodities

CPC Rules Out Immediate Fuel Price Hike Amid Global Crude Surge

Guavy AI Editorial Team
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The Ceylon Petroleum Corporation (CPC) has announced that there will be no immediate increase in domestic fuel prices, despite global crude oil prices surging above $100 a barrel.

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

The rise in global crude oil prices has been attributed to 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.

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