Sri Lanka, Nov. 24 -- The Ceylon Petroleum Corporation (CPC) is in assessment of the current hike of global fuel prices, triggered by multiple factors including sanctions on Russia, an official said.

The CPC, in its regular review of prices of refined petroleum products, has taken note of the spike in the world market. The price curve shows an increasing trend during the first three weeks of November, as assessed by the top regulator of petroleum trade in Sri Lanka.

According to the CPC, the surge in demand for fuel during the winter season and tightening of sanctions against Russia as a oil producing country are among reasons. The official who wished to remain anonymous said that sanctions on 117 vessels involved in transporting Russia...