By Yohan Perera and Ajith Siriwardana  

Prices of fuel will have to be increased because of soaring prices in the global market, Prime Minister Ranil Wickremesinghe told Parliament yesterday.  

“Global prices of fuel have increased due to the conflict situation in Europe. Russia has stopped supplying fuel and gas to Europe because of the conflict in Ukraine. Therefore there will be a fuel price hike in Sri Lanka as well,” the Prime Minister said.  

“Currently Sri Lanka is in need of US $ 550 million to meet the monthly fuel needs. However in the face of the current economic crisis, we are experiencing difficulties in securing the necessary funds for this purpose. As a result of this we will take steps to import the maximum fuel stocks possible based on the dollar revenue. Resolving the fuel shortages will take more time. Therefore I request people to economize when using fuel,” he added.    

• Request people to economize when using fuel