In brief
Sri Lanka spent $4.49 billion on fuel imports from January to September 2026, up 51.5 % from $2.96 billion in 2025, per the Central Bank's report. Despite a slight September decline, the bill remains high due to Middle East conflict and shipping restrictions through the Strait of Hormuz. The bank attributes the rise to higher domestic prices and global freight and insurance costs.
Sri Lanka's Central Bank released a report on Thursday showing that the country spent $4.49 billion on fuel imports from January to September 2026, up 51.5 percent from $2.96 billion during the same period last year, according to Xinhua.
While the overall bill surged, fuel import spending fell slightly in September, with the bank recording $415.1 million compared with $440.7 million in September 2025. September also marked the fifth consecutive month of decline in monthly expenditures, although the figure remains well above last year’s level.
The Central Bank said the sharp rise was driven by higher domestic fuel prices amid an escalation of conflict in the Middle East, which, combined with disruptions to global supply chains—including restrictions on crude shipments through the Strait of Hormuz—pushed crude oil and petroleum product prices, as well as freight and insurance costs, higher.
Details of the external sector performance report were released on October 30, but the data were made public this week, prompting market analysts to note the sustained pressure on Sri Lanka's balance of payments.
According to Xinhua, this data reflects ongoing geopolitical tensions that continue to affect regional shipping lanes and insurance premiums.
The Central Bank's figure points to persistent challenges for Sri Lanka's economy as it navigates high fuel costs, with the country exploring strategies to diversify energy imports and manage exchange rate volatility.