Ceylon Petroleum Corporation Denies Reports of Paying $286 Per Barrel for Crude Oil

The Ceylon Petroleum Corporation (CPC) has categorically rejected reports circulating on social media and other platforms, asserting that Sri Lanka paid US$286 per barrel for crude oil. The corporation labeled these claims as false, misleading, and damaging to its reputation. The alleged reports, some attributed to a "Middle East Eye" article citing an HSBC CEO, claimed Sri Lanka procured crude at this inflated price. The CPC clarified that it is the sole importer of crude oil for the Sapugaskanda Refinery and has neither paid nor agreed to pay anywhere near US$286 per barrel for any consignment. Despite recent Middle East unrest, the CPC stated it has secured crude oil at favorable market-comparable prices, with upcoming shipments estimated at approximately $71.99, $111.62, $71.81, and $113 per barrel. The first crude oil vessel following the Middle East tensions is expected to arrive on February 17th.