June 20, Colombo (LNW): Minister of Transport, Highways and Urban Development Bimal Rathnayake has indicated that motorists could see a reduction in fuel prices by August or September, provided international oil prices remain stable at their current levels.
Speaking on the matter, the Minister stressed that the government’s objective is not to generate revenue through fuel sales but rather to ensure that consumers receive the maximum possible benefit from favourable market conditions.
He explained that substantial financial support is already being extended to the public through fuel pricing measures, with the state absorbing an estimated Rs. 100 per litre on diesel and approximately Rs. 20 per litre on petrol. According to him, these subsidies have been maintained to help ease the burden of rising living costs on households and businesses.
Rathnayake further noted that fuel purchasing is a complex process governed by international contracts and procurement regulations. Unlike everyday commodities that can be bought and sold immediately based on market fluctuations, fuel imports must be secured through formal tender procedures and pre-arranged pricing agreements, meaning any reductions in global prices take time to be reflected locally.