COLOMBO: Sri Lanka's fuel import expenditure rose by 74.7 per cent in March amid higher global oil prices and increased import volumes, local media reported on Monday (May 4), citing official data.
Figures from the Treasury and the Ceylon Petroleum Corporation showed that fuel import expenditure reached US$630 million in March. This is a 74.7 per cent increase compared to the previous spend, data showed.
Meanwhile, the Central Bank of Sri Lanka said the increase came as the conflict in the Middle East pushed up international fuel prices. Higher imports compared with exports also widened Sri Lanka's trade deficit in March, the central bank said.
The trade deficit reached US$2.3 billion in the first quarter, compared with US$1.5 billion in the corresponding period of 2025, the central bank said.
Sri Lanka is planning to expand renewable energy use to reduce long-term fuel import costs, according to the report. - Xinhua
