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Fuel Procurement Price Comparison (Per Barrel)
Comparison of price points for crude oil vs refined diesel per barrel
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Not Crude Oil! CPC Breaks Silence on $286 Fuel Claim (Video)
A high-stakes clarification reveals Sri Lanka did not buy crude oil at $286, but soaring diesel prices still expose the brutal realities of global fuel market volatility and economic pressure. Chairman of the Ceylon Petroleum Corporation D.J. Rajakaruna has firmly rejected claims that Sri Lanka purchased a barrel of crude oil at an alarming price of $286, clarifying that such reports misrepresented the actual fuel procurement details and created unnecessary public concern. Addressing the controversy, the CPC Chairman emphasized that the corporation has never imported crude oil at such an inflated price, highlighting that the confusion stems from a misunderstanding of fuel classification in financial reporting and media narratives. Follow The Morning Telegraph WhatsApp Channel Get breaking updates, instant alerts, and exclusives. Join Now Based on official data presented, Rajakaruna stated that a shipment of crude oil received on March 11 was priced at $66.99 per barrel, while projections based on letters of credit opened for the following month indicate that the maximum expected price would be approximately $113.29 per barrel. He further explained that the controversy originated from a report issued by HSBC, where the term “oil purchase” was broadly interpreted as crude oil, without distinguishing between crude oil, diesel, or petrol, leading to widespread misinterpretation. The Chairman clarified that the generic use of the term “oil” in international trade discussions often fails to specify the exact type of fuel, which can result in misleading conclusions when analyzing pricing data. However, Rajakaruna acknowledged that global fuel prices, particularly refined petroleum products like diesel, have surged dramatically due to international market conditions and supply chain pressures. He pointed out that the average global price of diesel, which stood at $88.83 per barrel in February, had sharply risen to $199.70 by early April, reflecting a significant escalation in refined fuel costs. Explaining the pricing mechanism, he noted that Sri Lanka calculates fuel import costs based on the average price over five days during the unloading period of shipments, combined with applicable premiums, which means that cargos arriving during peak market conditions incur significantly higher costs. As a result, Rajakaruna admitted that under these pricing conditions, a barrel of diesel had indeed been purchased at a high of $286, underscoring the impact of vol...
CPC takes back denial, admits to paying record sums for oil
A staggering $286 was paid for a single barrel of refined oil by Sri Lanka's state energy company. This confirmation came from Ceylon Petroleum Corporation (CPC) Chairman D.J. Rajakaruna during a press conference in Colombo today, validating claims initially brought forward by HSBC Group Chief Executive Officer Georges Elhedery at an investment summit in Hong Kong.Global oil prices remained relatively normal, yet a buyer in Sri Lanka paid double the expected highest rates. Elhedery originally shared this observation, noting the massive expense associated with recent shipments reaching the island.Initial reports regarding this massive expenditure were flatly denied by the CPC. The Chairman originally released a statement calling the rumours completely false, insisting the corporation secured crude oil at highly favourable rates despite Middle Eastern instability. He initially cited upcoming shipment prices at approximately $71.99, $111.62, $71.81, and $113.29 per barrel.To verify the initial claims made at the Hong Kong summit, the Hiru News Division contacted the HSBC Group. The Senior Group Media Manager at the London headquarters confirmed the accuracy of the reports, noting the $286 figure was indeed the highest price heard for an oil barrel.The official transcript obtained from the HSBC press office regarding the Group CEO's remarks is as follows:"Realistically, if you want to try to get oil from the Middle East, you may be paying 140 to 150 US dollars. Realistically, if you try to get oil from the Red Sea, you're paying more than 30 to 40 US dollars for shipping. Insurance cost, which used to be 25 basis points, is more like 5% — and war insurance has been scrapped, so you find you're paying 5% without even the war insurance component. So the barrel of oil door to door, or the barrel of refined oil door to door, is way above the headline — twice the highest I've seen. And I'm hoping we don't see more of that. But I've seen this $286 barrel. So, $286 for a barrel of oil that reached Sri Lanka."
Sri Lanka Fuel Prices Today - Live Petrol & Diesel Rates
Check latest fuel prices in Sri Lanka. Live updates for Petrol 92, Petrol 95, Auto Diesel, Super Diesel, and Kerosene with price history charts and trends.
No petrol shortage until June end, diesel supplies sufficient until May ...
A total of 12 refined fuel shipments are scheduled to arrive in April, the Chairman of the Ceylon Petroleum Corporation (CPC), D.J. Rajakaruna confirmed. The Chairman also noted that there will be no shortage of Petrol 92 and 95 until the end of June. Speaking at a press briefing today, Chairman D.J. Rajakaruna added that, based on confirmed shipments, there will be sufficient diesel supplies ...
