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| Sunday, 14 April 2002 |
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Price increase in petroleum products by Anton Nonis The Chairman of the Ceylon Petroleum Corporation (CPC) Daham Wimalasena told the 'Sunday Observer' that the prices of petroleum products would go up from April 20 and a special committee has been appointed to keep the price increase at a minimum. With Iraq banning its crude oil exports, oil prices in the world market have shot up. The prices of petroleum products in Sri Lanka too are on the verge of increasing. However, the Ceylon Petroleum Corporation (CPC) Chairman Daham Wimalasena says any price increases resulting soon would not be directly related to Iraq ceasing to be an exporter. For petrol alone a price increase of Rs. two per litre has been predicted. Diesel, kerosene and other products of petroleum would have their relevant percentage increases. "Whether or not Iraq banned its exports, Sri Lanka had planned a price revision, based on the upward trend in the world market prices," Mr. Wimalasena said. The CPC had been trying to keep oil prices static despite the effect of a reduction in supply in the world market with Iraq ceasing to be an exporter. Iraq's withdrawal from the world market has not caused any negative effects in Sri Lanka. Though Iraq had supplied crude oil to the country in the past, its current suppliers are Saudi Arabia, Iran, Malaysia and Abu Dhabi. Depletion of oil supplies in the world market has compelled several oil importing countries to raise their prices accordingly, CPC sources said. The annual requirement of crude oil in Sri Lanka is two million metric tonnes. The most favoured form of crude oil, according to CPC sources, is from Iran. There is a difference in the price of imported crude oil from the four suppliers which mainly depends on the quality of the product. The CPC is unable to say the exact annual requirement of diesel in the country. The operation of major power generators at Kelanitissa and Sapugaskande has resulted in a variation of diesel requirements, according to CPC. |
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