Israel, Palestine conflict likely to increase fuel prices – President

• This crisis will only create a further shortage of fuel ensuring that fuel prices will remain high for a longer time

President Ranil Wickremesinghe yesterday said that the ongoing conflict in Israel and Palestine would likely lead to a prolonged period of high fuel prices, adversely affecting developing economies, including Sri Lanka.

“The petrol prices were expected to rise to USD 100 per barrel and thereafter recede from end February. This crisis will only create a further shortage of fuel ensuring that fuel prices will remain high for a longer time. This is a big blow to the developing economies,” President said in a briefing to the Cabinet of Ministers.

While calling for assistance in facilitating the return of Israelis, including tourists and employees in Sri Lanka to Israel, the President had directed police to provide necessary security to the Israelis within Sri Lanka, the President’s Media Division (PMD) said.  

President Wickremesinghe emphasized the need for immediate action to ensure the safety of Sri Lankans working in Israel. He directed the Ministry of Foreign Affairs to locate and ensure the well-being of these individuals.  

While reaffirming Sri Lanka’s longstanding support for the two-state concept of Israel and Palestine, President Wickremesinghe condemned the recent Hamas attack on Israel, which resulted in the loss of numerous civilian lives. He stressed that despite past criticisms of Israel’s actions, such attacks could not be justified.  

President Wickremesinghe called for an immediate cessation of hostilities in line with the African Union proposal, emphasizing the broader consequences of the crisis on global fuel prices.