By Sandun A. Jayasekera  

The economic, trade and financial costs to the developing countries emanated from the current conflict between the West and Russia following  Russia’s invasion of Ukraine would be unfathomable and therefore it was pertinent for countries like Sri Lanka to brace for any eventuality, Government spokesman, Plantation Minister Dr. Ramesh Pathirana said.   

Minister Dr. Pathirana admitted that the country was in a precarious situation due to the power cut triggered by the oil shortage and the situation would be worse as a result of the war in Ukraine in the days to come.  
 “The government is doing everything possible to mitigate the negative impact on the economy, industry and the day to day life of the people brought about by the power outages. The oil prices in the global market have increased as never before and has recorded the highest price for a barrel of crude oil at the moment,” Minister Dr. Pathirana noted.  

“If the dispute between Russia, Ukraine and the West led by the US further escalated, destruction would befall on all those involved and global oil prices would surge to unreachable levels while further exacerbating the oil crisis in Sri Lanka. We hope this will not happen,” Minister Dr. Pathirana added.  

The failure to construct a single power plant during the yahapalana regime has further aggravated the power crisis, as demand for electricity goes up by 10% annually, he noted.   

The CEB has to depend mainly on thermal and coal power for power generation and power supply as the water levels of reservoirs have come down sharply due to the drought, affecting the hydro power generation. However, if there was a reduction of oil prices in the global market, the government would not hesitate to pass the benefit to the consumer, he said.