Government considers reintroducing fuel subsidy

The Government is reportedly considering reintroducing a fuel subsidy for petrol and diesel following the recent surge in global crude oil prices triggered by the renewed conflict in the Gulf region.

The fuel subsidy, which had been in place for three months from April, was discontinued in June after the situation in the Gulf stabilised.

However, with crude oil prices rising sharply once again, the Government is said to be revisiting the decision in a bid to shield the public from the impact of higher fuel costs.

If the proposal is implemented, the current retail fuel prices are expected to be maintained, with the Government absorbing the additional cost.

Under the previous subsidy scheme, the Government provided a subsidy of Rs. 100 per litre of diesel and Rs. 20 per litre of petrol, allocating Rs. 57 billion for the programme.

The Ceylon Petroleum Corporation (CPC) is also expected to submit a request to the President regarding the matter.

Global crude oil prices have risen by more than 14 per cent over the past week alone.

Meanwhile, two Russian state-linked companies have registered with the Ceylon Petroleum Corporation (CPC) to supply crude oil and refined petroleum products to Sri Lanka.

Industry experts believe that the entry of these Russian companies into the market will enhance competition and contribute to maintaining stable domestic fuel prices.

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