Ceylon Petroleum Corporation (CEYPETCO) Chairman D.J. Karunaratne has cautioned that if fuel prices are reduced significantly in a short period, it could result in queues forming at petrol stations due to increased demand.
He explained that President Anura Dissanayake is not keen on implementing a drastic fuel price concession immediately, as such a move could lead to supply issues. The Chairman emphasized that the recent fuel price revisions were made in accordance with the existing price formula and within the legal framework, and further concessions would be introduced gradually.
To ensure adequate fuel supply, the Petroleum Corporation has already placed orders for fuel until April next year. Karunaratne stated that weekly reviews are being conducted to maintain sufficient stock levels, with a long-term goal of developing the fuel refining sector to enhance the efficiency of fuel distribution.
Regarding future price adjustments, Karunaratne expressed the corporation’s intention to hand over decisions on price revisions to a Regulatory Commission to improve transparency in the process.
He made these remarks during a press conference in Colombo, addressing the ongoing concerns over fuel pricing and supply management.
