CPC looks for cheaper sources of oil

The Ceylon Petroleum Corporation (CPC) on the directions of Petroleum Industries Minister Susil Premajayantha has paid attention towards the possibility of buying refined oil at cheaper rates from the international market to pass on its benefit to the public. The CPC imports two million metric tons of crude and two million MT refined oil annually. Crude is imported from Iran on a long term loan agreement between the Governments of Iran and Sri Lanka. Refined petroleum is bought from international oil companies registered with the CPC on a tender basis.

The CPC has been directed by the Minister to implement strategies through which relief could be granted to the people in future. The Minister has emphasised that there will be no change in fuel prices at the present stage, a Petroleum Industries Ministry release said.