Steady fuel supply till November

Colombo, May 27 (Daily Mirror) - The Ceylon Petroleum Corporation (CPC) has confirmed that Sri Lanka will not experience a fuel shortage until November, while also dismissing social media reports of an imminent fuel price revision and claims of panic buying.

CPC Managing Director Dr. Mayura Netthikumara told Daily Mirror that Letters of Credit (LCs) have already been opened to secure adequate fuel stocks, ensuring uninterrupted supply across the country up to November.

He said two crude oil shipments, each carrying around 90,000 metric tons, are scheduled to arrive on May 28 and May 31. Additional consignments have also been arranged from India, Singapore and other suppliers, while distribution orders from local fuel companies have been placed.

Dr. Netthikumara said discussions are currently underway regarding a possible fuel price revision on May 31, adding that global crude oil price increases from around USD 80 to nearly USD 150 per barrel, are influencing pricing considerations.

He further rejected reports of fuel shortages causing public anxiety or long queues at filling stations, describing them as false information circulated on social media.

According to CPC, the country currently holds sufficient fuel stocks until July, with previously arranged shipments already being received.

Dr. Netthikumara urged the public not to panic or engage in unnecessary stockpiling, advising motorists to purchase fuel only for daily needs.

He also confirmed that fuel distribution will continue under the existing QR-based quota system, including allocations for both odd- and even-numbered vehicles.

The CPC earlier said the fuel import bill for May has risen sharply to USD 521 million from USD 152 million in December last year, largely due to global oil market fluctuations linked to geopolitical tensions. However, currently there are no outstanding payments for fuel shipments.