By Easwaran Rutnam
Fuel prices in Sri Lanka will be increased even as OPEC agreed steep oil production cuts, President Ranil Wickremesinghe told Parliament today.
The President said that fuel prices will be increased by December/January in line with an expected rise in global oil prices.
However, he said that steps will be taken to ensure the fuel price can be managed by the consumer.
The President also said that global inflation will hit Sri Lanka and other countries next year.
OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary to respond to rising interest rates in the West and a weaker global economy.
The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group, to drive prices higher and said the West was often driven by “wealth arrogance” when criticising the group. (Colombo Gazette)
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