Fuel import bill to reach US$6 billion by year-end, President warns

President Dissanayake made the disclosure while addressing the Government Surveyors' Association's 100th Annual Conference at Waters Edge Hotel in Battaramulla on Wednesday, citing escalating crude oil prices in international markets as the primary driver of the increased import costs.

The warning underscores the mounting fiscal pressures facing the island nation as global energy markets remain volatile. Rising fuel costs have emerged as a significant burden on Sri Lanka's import bill and foreign exchange reserves, areas of particular concern as the country navigates its economic recovery.

The President's remarks highlight the challenges confronting policymakers in managing external expenditure amid international commodity price fluctuations beyond the nation's immediate control. The fuel import trajectory represents a substantial component of Sri Lanka's overall import obligations as energy demand remains essential for sustaining economic activity and power generation.

Government officials have been grappling with strategies to mitigate the impact of elevated global fuel prices on the national budget and inflation rates. The disclosure is expected to inform ongoing policy discussions regarding energy security and fiscal management in the coming months.