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Crude oil price likely to soar up to US$ 100 – fuel price on another hike?

The price of a crude oil barrel in the global market has soared up to US$ 89 marking the highest price after seven years, revealed Energy Minister Udaya Gammanpila.

Despite two attempts to increase the price of fuel, litre of diesel is still being sold at a loss of Rs. 30, Gammanpila revealed, adding that however, there are no current plans to increase fuel prices again in the coming days.

As of now, a sum of US$ 500 million has to be spent on a monthly basis for fuel import, which is equivalent to one-third of the total export earnings in the country, the Energy Minister revealed, urging the people to realise the severity of the situation and use fuel sparingly.

Meanwhile, the demand for fuel is likely to grow in winter countries in February, leading to forecast that the price of a crude oil barrel could soar up to US$ 100. As Sri Lanka is currently suffering from a dollar deficit, the Subject Minister may have no choice but to increase the fuel prices again, should the crude oil prices soar.

Accordingly, it has been forecast that the fuel price in Sri Lanka may soar in February.

MIAP

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