Sri Lanka Secretary Attributes High World Oil Prices to US Iranian Sanctions

Oil prices all over the world are soaring high after the United States imposed sanctions versus Iran, expressed R.H.S Samaratunga, ministry secretary of the Petroleum Industries during a recent press briefing. He added that crude oil price per barrel has grown to $9 USD in the last 36 days.

Refined oil prices had also risen to $130 USD a barrel in the past week. It was below $120 USD a couple of weeks ago, said Samaratunga.

Sri Lanka can continuously get sufficient fuel supply for its country from its suppliers. However, the challenge is the high oil prices, said the ministry secretary.

He further added that the only option is to be even more practical in their fuel consumption because of the present international crisis.

The government will keep on providing diesel and kerosene at oil prices that are partially subsidized. The government spends Rs. 41 for every liter of kerosene oil and Rs. 30 for every liter of diesel under the oil subsidy scheme, shared the secretary.

Last year, Sri Lanka spent $164 million for importing crude oil amounting to 139,000. More than 92,216 kerosene oil MTs and 298,999 fuel MTs were imported in the previous year from UAE, Iran, Saudi Arabia, Qatar, Singapore and India.

As a solution to the present oil crisis, Sri Lanka plans to minimize oil use, implement a passenger transport subsidy scheme and increase the crude oil price chart.

The press briefing was also attended by several other VIPs including the Chairman of Ceylon Petroleum Corporation Wasantha Ekanayake, its Commercial Manager C.P. Samaraweera and another Finance Manager S. Sundaralingam.

By Chris Termeer