The State Minister of Power and Energy, D.V. Chanaka, stressed that there is no threat of a fuel shortage and emphasised that the necessary tenders for fuel imports up to June of the next year have been completed, ensuring an uninterrupted fuel supply until that time.

He also highlighted that by entrusting the supply of fuel to Sinopec Company of China, the government expects to save more than $500 million in foreign exchange.

Minister D.V. Chanaka made these statements during a press briefing held today (19) at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country’.

State Minister D. V. Chanaka further stated, Recently, our country faced a significant fuel crisis, with fuel shortages and long queues at gas stations. However, we successfully resolved this situation within a short period of time.

When considering the month of January 2022, it’s worth noting that crude oil prices in the world market were relatively low, with a barrel of crude oil priced at 50 USD. In the following months, it increased to 65 USD, and later, due to various factors, including the Russian-Ukrainian market, it reached 100 USD per barrel. Subsequently, it decreased to 80 USD.

This year, after a year and a half of gradual increases, the price of crude oil has slightly decreased. Especially in the first six days of this month, the world market saw a decrease of about 4% in crude oil prices. However, recent events in the Gaza Strip caused a 4% increase in fuel prices globally, nullifying the relief we expected from falling crude oil prices.