In an official statement, CPC Chairman said the corporation imports crude oil exclusively for processing at the Sapugaskanda Refinery.
The CPC also confirmed that the first crude oil shipment following recent instability in the Middle East is scheduled to arrive in Sri Lanka on April 17.
Refuting the high-price claim, the corporation emphasized that it has neither paid nor agreed to pay $286 per barrel for any crude oil shipment. Instead, CPC stated that recent procurements after the outbreak of conflict in the Middle East were secured at approximately $71.99, $111.62, $71.81, and $113.29 per barrel.
According to the CPC, these rates are favourable when compared with prevailing global market prices, placing the corporation in a competitive position relative to other buyers.
The statement further condemned what it described as false and damaging claims, warning that legal action will be pursued against those responsible for spreading misinformation. CPC noted that such reports could trigger public unrest, anxiety, and reputational harm to the institution.
The clarification follows remarks by Georges Elhedery, CEO of HSBC, who recently pointed out that oil prices for Asian buyers can exceed Brent crude benchmarks due to additional costs such as insurance, shipping, and supply constraints.
Elhedery noted that while benchmark oil prices in Western markets hover around $100–$110 per barrel, the actual prices paid by buyers in parts of Asia can be significantly higher due to supply disruptions linked to the ongoing US-Israeli war on Iran.
“What worries me is not the headlines,” he said, explaining that real market conditions paint a far more alarming picture.
According to him, buyers sourcing oil from the Middle East are currently paying between $140 and $150 per barrel. However, he revealed that the highest price he had come across was a staggering $286 per barrel — in Sri Lanka.
