According to data from the Ceylon Petroleum Corporation (CPC), the latest two diesel shipments ordered by the Corporation arrived in the country on May 6 and May 10 this year.
No other fuel consignments are scheduled to arrive in the coming weeks.
Commenting on the matter, Ceylon Petroleum Corporation Managing Director Mayura Nettikumarage stated that there are currently sufficient fuel stocks in the country.
However, although global market prices have dropped slightly compared to the highest prices at which the Corporation purchased fuel, the data clearly shows that prices still remain at high levels.
The Corporation has had to incur especially high costs when purchasing diesel.
The significant increase in global market prices occurred in April this year.
During the first week of April, the Ceylon Petroleum Corporation purchased 38,814 barrels of Super Diesel at US$303.76 per barrel.
In the same week, 293,804 barrels of diesel were imported at US$289.47 per barrel.
Another 254,219 barrels of diesel were imported at US$281.87 per barrel.
Additionally, during the last week of March, the Corporation purchased 239,805 barrels of diesel at US$285.28 per barrel.
A further 265,455 barrels were purchased at US$195.81 per barrel.
Accordingly, the price range at which the Corporation purchased diesel from March to the first week of May ranged from a maximum of US$303.76 per barrel for Super Diesel to a minimum of US$172.74 per barrel.
Compared to diesel, petrol prices remained at lower levels.
The highest amount the Corporation spent on Petrol 92 was recorded during the last week of April, at US$153.70 per barrel.
The minimum price for petrol was also recorded during the same last week of April, when 312,899 barrels were purchased at US$130.89 per barrel.
Only two shipments of Petrol 95 arrived in the country during March and April.
Those shipments were purchased at US$143.53 per barrel for 44,405 barrels and US$154.72 per barrel for 44,322 barrels.
Meanwhile, addressing the Nuwara Eliya District Special Coordination Committee meeting, President Anura Kumara Dissanayake stated that due to rising prices in the international market, the actual cost of a litre of diesel has increased locally to Rs. 720.
The President pointed out that the country’s total fuel import cost has risen rapidly from US$98 million in February to US$216 million in March.
It then increased further to US$368 million in April.
Furthermore, it is estimated that this expense will rise again to US$522 million for the month of May.
He stated that although the actual cost of a litre of diesel is Rs. 720, it is currently being sold to consumers at Rs. 392.
However, the President did not reveal further details at the meeting regarding how these prices are calculated or the existing fuel pricing formula.
