FINANCIAL CHRONICLE – The President of the state-run Ceylon Petroleum Corporation (CPC) has indicated that Sri Lanka could potentially lower fuel prices if it successfully acquires a shipment of crude oil. Currently, the nation relies on Murban light crude for its sole refinery, which has been producing oil at a lower cost compared to imported refined goods.
Since the onset of the U.S./Israel conflict on February 28, Sri Lanka has not received any crude oil shipments, largely due to restrictions affecting vessels navigating through the Strait of Hormuz.
During a press conference on Saturday (March 28), D.J.A.S. De S. Rajakaruna expressed optimism about the possibility of price reductions contingent on securing a crude shipment. “If we are able to receive a shipment, we will be in a position to lower fuel costs in the near future. This is our intention, although we wish to temper expectations among the public,” he stated.
Rajakaruna further mentioned, “Should we manage to obtain a crude shipment in April, we plan to share the benefits with the public. Our goal is not to generate profit for the CPC, but rather to assist consumers.” (Colombo/March 29/2026)
