The Chairman of the Ceylon Petroleum Corporation, D.J. Rajakaruna, said that no decision has yet been taken to discontinue the QR code system used for fuel distribution.
He stated that global fuel prices continue to fluctuate, making it necessary to maintain existing monitoring mechanisms.
Rajakaruna noted that crude oil prices recorded a slight increase in the global market today as well. Although the Strait of Hormuz has reportedly reopened, he said crude oil prices remain elevated because a formal peace agreement between Iran and the United States has not yet been signed.
He further said that while consumers may expect fuel prices to decline, the broader trend has been one of significant increases in global oil prices. According to Rajakaruna, current price movements are measured against price levels recorded in February, and global oil prices had risen by around 50% by yesterday compared to February levels.
However, he emphasized that domestic fuel prices have been increased only to a limited extent relative to the sharp rise in global prices. While global oil prices have increased by about 50%, local fuel prices have been raised by only 40% to 45%, he said.
