Middle East Tensions Cause Fuel Price Fluctuations

The Ceylon Petroleum Corporation (CPC) is still unsure about revising local fuel prices next month, citing fluctuations in global oil prices. The decision will depend on the average international oil price over the remainder of the monthly pricing period.

Global crude oil prices recently hit $100 a barrel for the first time since May due to concerns over disruptions to global energy supplies as tensions in the Middle East escalate. Brent crude, the global benchmark for oil prices, increased more than 5% on Thursday.

The rise in global energy prices has already impacted consumers in some countries.