The Ceylon Petroleum Corporation (CPC) paid between US$281 and US$288 per barrel for three diesel shipments imported between the last week of March and the second week of April, General Manager Mayura Neththikumarage confirmed to the Sunday Times, providing the most detailed public disclosure yet of the post-Hormuz price shock.
CPC acquired 240,000 barrels on March 31 at $285 per barrel, 295,000 barrels on April 6-7 at $288 per barrel, and 254,000 barrels on April 7-8 at $281 per barrel.
The disclosure confirms the figure cited by HSBC Group CEO Georges Elhedery during a Bloomberg TV fireside chat earlier this month, in which he said the highest price he had seen paid for a barrel reaching Sri Lanka was $286. CPC initially denied that claim and threatened legal action after local outlets reported the figure as “crude” oil rather than refined diesel. Chairman D.J.A.S. De S. Rajakaruna on Friday confirmed diesel had crossed the $286 mark at a separate briefing.
Platts benchmark prices for the three cargoes were $237.28, $242.42 and $231.18 respectively. The shipping and supplier premium, which covered freight, insurance and commission, ranged from $45.64 to $50.69 per barrel. Pre-war premiums were around $3 per barrel.
Neththikumarage said the new prices had already been factored into pump rates. On March 21, Lanka auto diesel rose by Rs 79 to Rs 382 per litre and Lanka super diesel by Rs 90 to Rs 443 per litre.
Rajakaruna also disclosed crude oil arrival prices: a Murban cargo from Fujairah landed on March 11 at $66.80 per barrel, a second crude shipment arrived Friday at $71.99, an end-April shipment is booked at $71.81, and a mid-May shipment is priced at $113.29. He placed monthly diesel averages at $88.83 in February, $191.73 in March and $199.70 in April to date.
All purchases passed through the standard tender procedure with Cabinet approval, Neththikumarage said.
