Despite the sharp drop in global crude oil prices, petroleum prices in the country will remain unchanged until the end of the month. 

Ceylon Petroleum Corporation (CPC) Managing Director Dr. Mayura Neththikumarage told The Sunday Morning that the drop in the global market may be reflected in the refined oil prices in Sri Lanka by the end of the month. 

“Although the global crude oil prices have dropped now, it will take a while for that oil to reach the local consumer. The prices might change during the end-of-month revision when this cheaper oil reaches us,” he added.

The last price change in local oil prices took place on 31 March where the price of petrol 92 octane and 95 octane were reduced by Rs. 10 per litre. Lanka petrol 92 octane is currently at Rs. 299 per litre and Lanka petrol 95 octane is currently at Rs. 361 per litre. 

The price of a barrel of crude oil in the global market has been experiencing a sharp drop since 2 April. It has dropped by $ 10 and is currently at $ 62. Though facing a slight mid-week upward trend, prices dropped again on Wednesday (9). 

The price drop happened since the ‘Liberation Day’ reciprocal tariff announcements by US President Donald Trump. It is the sharpest plunge since the one experienced during the Covid-19 pandemic in 2021.