American crude arrives for the first time

Colombo, May 29 (Daily Mirror) - A stock of American crude oil arrived in the country for the first time yesterday, steadying the fuel supply despite a possible price hike expected soon, an official said yesterday.

Sri Lanka, during tariff negotiations with the United States under the Trump Administration, decided to include the American crude - West Texas Intermediate (WTI) - in calling international tenders for fuel purchases. It was a measure aimed at reducing the trade gap between the two countries.

Managing Director of the Ceylon Petroleum Corporation (CPC), Dr Mayura Nettikumara told Daily Mirror yesterday that a stock of 89,000 tonnes of WTI ordered by his office had arrived at the moment.

Asked about plans for Russian oil purchases, he said the need would not arise in the short run.

"We have secured ample supplies. We have not reached any final arrangement on the purchase of oil from Russia. However, the need is not there now in the short run," he said.

The US has waived sanctions for countries to purchase oil from Russian ships already stranded at sea.

Commenting on the upcoming price revision, he said the final decision would be taken today.

Responding to a query whether it would be cost reflective, totally or partially, he said that it too would be decided today only.