Sri Lanka's spending on fuel imports increased significantly during the first eight months of 2026, according to Central Bank of Sri Lanka data.

From January to August 2026, Sri Lanka spent US$4,072.1 million, or approximately US$4.07 billion, on fuel imports.

During the same eight-month period in 2025, the country spent US$2,520.6 million on fuel imports.

Fuel import expenditure therefore increased by US$1,551.5 million in the first eight months of 2026 compared with the corresponding period a year earlier.

This represents a year-on-year increase of 61.6 per cent.

The August figures alone also show a substantial year-on-year rise in fuel import spending.

In August 2026, Sri Lanka spent US$450.6 million on fuel imports.

The corresponding figure in August 2025 was US$255.2 million. August fuel import expenditure therefore increased by US$195.4 million over the year.

In percentage terms, this represents an increase of 76.5 per cent.

Expenditure on imports of refined petroleum products also rose considerably.

Sri Lanka spent US$321.9 million on refined petroleum imports in August 2026, compared with US$202.9 million in August 2025.

Spending on refined petroleum imports consequently increased by 58.7 per cent year on year.

The rise in fuel import expenditure also affected Sri Lanka's overall import bill.

According to the Central Bank's external sector data, total merchandise import expenditure reached US$16.56 billion from January to August 2026. Merchandise export earnings during the same period stood at US$9.38 billion.

As a result, Sri Lanka's merchandise trade deficit widened to approximately US$7.18 billion during the first eight months of 2026.

The deficit was approximately US$4.26 billion in the corresponding period of 2025, marking a substantial increase this year.

Central Bank data indicate that higher fuel import costs were among the important factors contributing to the widening trade deficit.

However, an increase in the dollar value spent on fuel imports does not, by itself, mean that the volume of fuel consumed in the country rose at the same rate. International fuel prices, the composition of crude oil and refined petroleum imports, and the quantities imported are among the factors determining total import expenditure.

Nevertheless, spending more than US$4.07 billion on fuel imports in just eight months demonstrates the continuing importance of fuel imports in Sri Lanka's foreign exchange outflows and trade deficit.