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Sri Lanka Holds Off on Fuel Price Revision Amid Global Oil Volatility

Guavy AI Editorial Team
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Sri Lanka has decided to hold off on revising fuel prices despite global crude oil prices remaining above $100 per barrel. The Ministry of Energy, led by Secretary G.M.R.D. Aponsu, cited that the country had gradually adjusted prices since the Middle East crisis began several months ago and therefore does not require an immediate revision.

Brent crude fell to $103.17 per barrel on Friday, while US West Texas Intermediate (WTI) declined by $0.61 to $101.30 per barrel. However, international oil markets remain volatile due to the ongoing Middle East conflict.

Unlike neighboring countries such as Pakistan and Bangladesh, Sri Lanka has chosen not to intervene with immediate price adjustments or subsidies for consumers. Instead, it will assess fuel prices at its next scheduled monthly review, taking into account prevailing international prices.

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