Global+fuel+prices+increase%2C+what+will+happen+in+Sri+Lanka+%3F
Sunday, 22 July 2018 - 12:36
Global fuel prices increase, what will happen in Sri Lanka ?
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Global fuel prices have risen again after falling or staying stable for a month as international rates have jumped and the dollar becoming strong against most of the currencies.
 
Since June, crude oil has gained more than $ 6 to reach $79.5 a barrel as the United States is seeking stronger compliance of its sanctions against Iran that traders fear could substantially reduce oil supply from the market.
 
The decision of a cartel of key oil-producing countries to raise output by a million barrels per day is seen as insufficient to meet the rising demand and has aided the recent surge in prices.
 
Sri Lankan oil prices also could impact as the rupee continues to dip against the US dollar.
 
In line with the fuel pricing formula introduced by the Finance Ministry, the next price revision is scheduled to take place on 10th of August.
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