A steep hike in the prices of fuel was inevitable, given the unprecedented rise in global crude prices in the wake of the war on Iran waged by the United States (US) and Israel. Even though the Government initially raised fuel prices by just eight percent, this was deemed insufficient as the Ceylon Petroleum Corporation (CPC) and the three private companies (Lanka IOC, Sinopec and RM Parks/Shell) were making huge losses by selling fuel below market rates.