Crude prices spiked after Israel launched a wide military offensive across Lebanon last Wednesday, touched off by attacks on the Jewish state by the Hezbollah militant Islamic group and the abduction of Israeli soldiers.
In Asian trade Tuesday, oil prices rose to 75.65 dollars a barrel (up 35 cents from Monday), after hitting a record 78.40 dollars on Friday, AFP reported.
Meanwhile there was speculation of further oil price rises, with 100 dollars a barrel also being mentioned.
"If that happen what kind of economic scenario that will emerge within our own economy, which depend entirely on the importation of oil?" asked Jayasundera.
"Can the subsidy any longer be a doable option? If the subsidy is to be phased out or removed altogether, how would the vuln