Sri Lanka Urges Public to Conserve Fuel and Electricity Amid Price Hikes and Global Oil Volatility
Colombo, March 22 – The Sri Lankan government has urged citizens to use fuel and electricity sparingly due to potential shortages amid volatile global oil markets. This advisory follows a second fuel retail price increase in a week, bringing prices back to levels seen during the 2022 economic crisis.
As a conservation measure, fuel distribution is being rationed through QR codes issued for each vehicle. Government spokesman and minister Nalinda Jayatissa emphasized mindful energy consumption and warned against fuel hoarding, seeking public cooperation in reporting such attempts.
The price adjustments are linked to disruptions in global oil supplies caused by ongoing conflicts in the Middle East, including US-Israel military actions against Iran and subsequent closure of the Strait of Hormuz, a critical channel for global crude shipments.
Despite the recent hikes, the Sri Lankan government continues subsidizing fuel, bearing a monthly cost of Rs 20 billion, including Rs 100 per liter for diesel and Rs 20 per liter for petrol. Without the revision, the subsidy burden would have increased by roughly USD 1.5 billion.
The current situation recalls the 2022 economic crisis, when Sri Lanka experienced its first-ever sovereign default since independence, leading to the resignation of then-president Gotabaya Rajapaksa amid widespread civil unrest.
The government’s latest call for energy conservation highlights ongoing vulnerabilities in Sri Lanka’s fuel supply and the broader impact of global geopolitical tensions on domestic energy prices.
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