President Anura Kumara Dissanayake said the recent fuel price increase was not intended to generate profit for the Government or himself, but was necessary to ensure the uninterrupted supply of energy amid prevailing global conditions.

The President made these remarks while addressing the 2026 Annual General Meeting of the Chamber of Young Lankan Entrepreneurs (COYLE) yesterday (10).

He noted that the decision had been taken in response to rising global crude oil prices and the prevailing uncertainty in international markets.

Dissanayake emphasised that he had no personal interest in the increase, stating that he was neither the owner of an oil well nor an agent of an oil company seeking to make a profit.

“I am not increasing fuel prices because I own an oil well or because I represent an oil company and want to make a profit. I am not an agent of any company,” he said.

The President stressed that the Government had a responsibility to ensure the continuous supply of energy and that all necessary measures were being prepared to maintain that supply.

Commenting on the global conflict that has affected energy markets, he said predicting developments beyond the short term would be difficult if the war continued for an extended period.

“If this war continues for more than two months, I do not think our forecasts will have much meaning. This is taking place in an era where military technology has advanced dramatically. None of us have experienced a war in such a technological age,” he said.

He noted that parties involved in the conflict had indicated that their most powerful weapons and operations had not yet been deployed, suggesting that the scale of destruction seen so far had occurred without the use of their full military capabilities.

“Therefore, it is difficult to predict what level of destruction could occur if those weapons are used. We can only make short-term predictions. If the war continues beyond that period, I believe even the parties involved may not be able to accurately forecast developments beyond two months,” he added.

The President further stated that Sri Lanka had managed to cope with internal shocks but would require more time to effectively withstand external shocks caused by global crises.