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Friday, December 3, 2021

Fuel prices hit three-year high - Gammanpila's hopes dashed

Minister of Energy Udaya Gammanpila states that although no relief has been provided by the General Treasury, he hopes to maintain the current price without increasing fuel prices.

The price of a barrel of Brent crude oil in the world market has reached a three year high of US $ 85.

American WTI The price of a barrel of oil rose to $ 82.28.

Accordingly, in the past week alone, a barrel of Brent oil fell by 3 percent. The price of a barrel of oil has also increased by 3.5 percent.

The main reason for the increase in oil prices is the increase in production as the risk of the corona epidemic has decreased.

Due to the high cost of using natural gas and coal for power generation, the shift to fuel oil and diesel has also contributed to the rise in fuel prices.

The situation is exacerbated by the fact that oil-producing countries, including OPEC, have cut production.

However, Minister of Energy Udaya Gammanpila further stated that if the price of fuel increases due to the significant increase in the prices of consumer goods, the people will be in a more difficult situation.

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