Sri Lanka pays record $286 per barrel amid global oil price distortion

16 April 2026 11:48 am Views - {{hitsCtrl.values.hits}} 5 Bookmark

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Middle East Eye - Sri Lanka has paid as much as $286 for a single barrel of oil — far above global benchmark prices — according to a top international banker.

The revelation was made by Georges Elhedery, CEO of HSBC, during an investment forum held in Hong Kong on Tuesday.

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.

Comments - 5

Suspicious Thursday, 16 April 2026 01:42 PM

Half of that amount going into the pockets of buying official?

5 38

Amila Perera Thursday, 16 April 2026 02:52 PM

Country is going forward, not like other south and west Asian countries. Government’s strategy should be absorbing the external shocks by this way to avoid unnecessary economic consequences. Finally at the moment businesses are doing well. Thanks government.

81 9

RanjithT Thursday, 16 April 2026 04:22 PM

Absolutely correct. Country recorded a budget current account surplus in 2025. after couple of decades Close upon usd 1.billion FDI in 2025. IRD has increased its revenue target in 1st quarter 2026. Workers remittances in March exceeded USD 700 million. Over 55,000 vehicles were imported so far in 2026. Current account surplus end February 2026 stand at USD 486 million. Reduction in primary account deficit in 2026 yoy. Parity rate USD to LKR stabilized around 312.Doing great. Development projects in full swing.

9 2

Nihal Perera Thursday, 16 April 2026 04:43 PM

Are you dreaming??

2 7

Bernard Jayatilake Thursday, 16 April 2026 05:44 PM

The living conditions of the people are going backwards due to short-sighted policies of the government such as paying exorbitant prices for a barrel.

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