Crude oil to be purchased on credit for 180 days

The Ceylon Petroleum Corporation (CPC) has secured a steady supply of crude oil on credit from a supplier in Singapore for 180 days, Daily Mirror learns. Six consignments of crude oil will arrive in the country under this facility – one for each month on credit for 30 days. 

A top official of the CPC said the first consignment will arrive in the country on January 23 or 24 under this facility.

The government is currently facing a foreign exchange crisis making it difficult to find the funds required to import fuel. Sri Lanka needs around US $ 360 million for the monthly import of fuel. The foreign exchange reserves have dropped to nearly US $ 1.5 billion at the moment.

Earlier, Energy Minister Udaya Gammanpila said there would be a steady supply of crude oil commencing from January 23, and the need to shut down the Sapugaskanda oil refinery would not arise.(Kelum Bandara)