The Ceylon Petroleum Corporation (CPC) has firmly dismissed claims that Sri Lanka paid as much as US$286 per barrel for crude oil, branding the reports as false, misleading, and harmful to its reputation.
In an official clarification, the CPC emphasized that all crude oil imports to the country are handled exclusively by the corporation for refining at the Sapugaskanda Refinery. It categorically stated that no shipment imported or contracted by the CPC has been purchased—or even negotiated—at prices anywhere close to the figure being circulated.
Addressing recent market concerns, the CPC noted that the first crude oil shipment following the escalation of tensions in the Middle East is due to arrive on April 17. It stressed that none of the consignments secured after the outbreak of hostilities carry such inflated pricing.
According to the corporation, agreed prices for upcoming shipments stand at approximately US$71.99, US$111.62, US$71.81, and US$113.29 per barrel—figures it described as competitive and favourable compared to prevailing global market rates.
The CPC further underscored that it has secured crude oil supplies under advantageous terms, ensuring uninterrupted refinery operations while protecting national energy interests.
The clarification, issued under the authority of the CPC Chairman, follows remarks reported by the Financial Times quoting HSBC Chief Executive Georges Elhedery. He had referred to a “door-to-door” cost of up to $286 per barrel for oil delivered to Sri Lanka—a figure understood to include elevated expenses such as shipping, insurance, and logistical risks rather than the crude oil price alone.
CPC Rejects $286 Oil Claim, Calls Reports Misleading
