State Minister Dayasiri Jayasekera says in the event fuel prices are revised, the revision will be significantly high.
Speaking to media in Colombo yesterday, the State Minister said a crude oil barrel is currently being purchased at USD 92, which was previously purchased at around USD 50.
The State Minister said the losses are being incurred by the government at present, and the burden has not been imposed on the public by increasing fuel prices.
State Minister Jayasekera added any increase will be significant as prices in the world market have escalated owing to the dispute between Russia and Ukraine.
He charged that conflicts between world powers results in smaller nations being adversely affected.
The State Minister however claimed that steps could be taken to increase prices at any given time.