The government has appointed a special committee to assess and manage potential increases in oil prices in response to the ongoing conflict in the Middle East.
Cabinet Spokesperson Minister Vijitha Herath stated the decision comes as a proactive approach by the government to mitigate the impact of rising oil prices in the local market.
He explained that the committee is currently reviewing recommendations based on an observation report submitted by the Ceylon Petroleum Corporation (CPC).
“With the escalating conflict situation in the Middle East, there is a significant risk of oil prices increasing. The Ceylon Petroleum Corporation has already provided an observation report on the matter. This newly formed committee will actively intervene and develop strategies to control oil prices [in Sri Lanka] in the event of such a scenario,” Minister Herath stated.