Petroleum minister Anura Yapa said CPC had made a 2.1 billion rupee operational profit in the first four months of 2014. In 2013 the utility narrowed losses to 7,984 million rupees from a 97,308 million loss in 2012. Minister Yapa said the utility was on track to make 8 to 10 billion rupees in profits unless prices escalate.
Already recent troubles in Iraq had sent oil prices up by about a dollar a barrel, he said.
Sri Lanka does not market price fuel daily unlike in low inflation countries and the elected ruling class has typically manipulated energy prices generating macro-economic instability.
When ruling administrations try to raise prices, other sections of the elected ruling class oppose such moves.