November 24, Colombo (LNW): The Ceylon Petroleum Corporation is closely analysing the sharp rise in international oil prices, as global market volatility continues to mount, Daily Mirror reported citing a senior company source.
During its routine evaluation of refined fuel prices, the state energy supplier has observed a steady climb in crude and product rates throughout the first three weeks of November. Industry regulators attribute this trend to a combination of seasonal demand and geopolitical strain.
According to CPC analysts, the onset of winter in major consumer regions has pushed energy consumption upward, while increasingly strict sanctions on Russia—one of the world’s key oil exporters—have further tightened supply. The official, who declined to be named, noted that restrictions imposed on more than 100 vessels carrying Russian fuel have intensified pressure on shipping routes and contributed to the global price uptick.
Even so, rumours of fresh negotiations between Moscow and Kyiv prompted a small dip in prices around November 22, offering brief relief to jittery markets by easing concerns about extended supply disruptions.
Sri Lanka typically imports two to three consignments of fuel each month, and the CPC is now reviewing the latest data before finalising its next domestic price update. The corporation continues to apply a cost-reflective pricing formula to ensure that local pump rates mirror shifting conditions in the international energy market.
