Ceylon Petroleum Corporation Chairman D.J.A.S.D. Rajakaruna urges Sri Lankans to avoid panic buying and unnecessary travel, warning that recent fuel hoarding has forced an earlier price revision amid rising global oil costs.
Ceylon Petroleum Corporation Chairman D.J.A.S.D. Rajakaruna has appealed to the public to use fuel responsibly and limit consumption to essential activities during the current energy uncertainty. According to the CPC chief, panic driven fuel hoarding in recent days has significantly disrupted the country’s planned fuel supply management and forced authorities to revise prices earlier than expected.
Rajakaruna explained that large quantities of fuel imported at comparatively lower prices were exhausted much faster than scheduled due to excessive public demand. As a result, the government had to accelerate the fuel price revision process earlier than originally planned.
The CPC Chairman revealed that fuel consumption surged dramatically over the past week. During this short period, the public purchased approximately 59,200 metric tons of diesel and 47,500 metric tons of 92 octane petrol.
These volumes far exceed Sri Lanka’s usual weekly fuel consumption levels and are equivalent to the cargo of roughly one and a half to two fuel ships. Because of this unexpected spike in demand, stocks that were intended to last until the middle of the month were depleted well ahead of schedule.
Rajakaruna stated that if people had remained calm and avoided hoarding fuel, the authorities would likely have been able to postpone the fuel price revision until the end of the month.
The chairman also pointed out that international oil prices have increased sharply due to the global war related situation affecting energy markets. The price surge in crude oil has created an extraordinary challenge for fuel importing countries like Sri Lanka.
Another factor influencing domestic fuel costs is the pricing mechanism used for incoming shipments. Payments for fuel cargo currently depend on the five day average global market price at the time the shipment is unloaded, meaning newly supplied fuel reflects the higher global rates.
Given the country’s limited fuel storage capacity and the heavy foreign exchange burden required to import petroleum, Rajakaruna urged citizens to avoid unnecessary travel.
He advised the public to prioritize essential fuel use until the present energy crisis stabilizes and global oil market conditions improve.
