The Sri Lankan government has taken proactive steps to mitigate the impact of potential oil price increases due to escalating conflicts in the Middle East. During a Cabinet press conference on October 15, Cabinet Spokesman and Minister Vijitha Herath announced the formation of a special committee dedicated to developing strategies for managing fuel prices amid the geopolitical instability.
Minister Herath explained that the committee’s establishment follows an observation report from the Petroleum Corporation, which warned of possible oil price hikes. He stated, “With the military situation in the Middle East, there is a risk of oil prices rising. This committee has also decided to intervene and work on how to control the oil prices if such a situation occurs.”
In light of the recent fuel price revisions, the government is also reviewing transportation fees, particularly those for school children. Although fuel prices have been reduced, the Minister noted that the fares for school transport services have not seen a corresponding decrease. To address this issue, the committee has been tasked with submitting recommendations within two weeks on how to adjust the prices for vans and buses transporting students.
The government’s commitment to monitoring and potentially adjusting oil prices reflects its awareness of the economic challenges faced by citizens, especially in the wake of fluctuating global oil markets influenced by international conflicts. The swift actions taken by the government are aimed at protecting consumers from the repercussions of external economic pressures and ensuring equitable access to essential transportation services for school children.
