Fuel Prices: The PPC Meeting, A Price Hike Feared

Attention is focused on the Petroleum Pricing Committee (PPC), which is meeting this afternoon. Is a fuel price increase imminent? This question remains open amidst tensions in the Middle East affecting the international market.

In some circles, a rise of about 10% is already being discussed. However, we will have to wait for the official announcement to have clarity. According to our sources, the latest shipment, which arrived in the country on March 18 from Oman, has reportedly seen its cost double.

Discussions are currently underway to evaluate how much of these costs could be absorbed to avoid an immediate increase at the pump.

Currently, the price of petrol stands at Rs 58.45 per liter, while diesel is at Rs 58.95.

When questioned this morning by MP Eshan Juman during the Private Notice Question (PNQ), Commerce Minister Michael Sik Yuen was cautious, stating: "We should expect, at any time." He added that the PPC will continue to monitor the situation closely and will announce any necessary price revisions in due time.

Additionally, the minister indicated that the Price Stabilisation Account shows a deficit of Rs 1.9 billion for this month of March.