Sri Lanka's CPC Refutes Overpriced Oil Claims with Possible Legal Action

Sri Lanka's Ceylon Petroleum Corporation (CPC) denied claims of overspending USD 286 per barrel on crude oil. Chairman DJ Rajakaruna clarified payment rates ranged from USD 71.99 to USD 113.29 per barrel. The CPC plans to take legal action against misinformation following the US-Iran conflict.

In response to widespread reports, Sri Lanka's state-owned oil entity, the Ceylon Petroleum Corporation (CPC), firmly denied purchasing crude oil at the inflated rate of USD 286 per barrel. The Chairman, DJ Rajakaruna, emphasized that the CPC has neither paid nor committed to any such exorbitant pricing.

According to the CPC, oil shipments since the escalation of the US-Iran conflict earlier this year have been procured at more reasonable rates, fluctuating between USD 71.99 and USD 113.29 per barrel. The corporation issued a firm warning of legal repercussions for any parties perpetuating what they described as disinformation.

As Sri Lanka braces for the arrival of its first oil shipment since the onset of the conflict, the government has implemented various energy-conservation strategies, such as instituting a shorter work week and limiting escalator usage in public facilities.

(With inputs from agencies.)