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Crude oil tanker in Colombo Port: Payment issues delay clearance

10 Jul 2021

  • Payments made, shipments cleared: CPC  

  • Limited foreign reserves a problem: Minister 

By Yumiko Perera  A vessel carrying crude oil to Sri Lanka had been anchored in the Port of Colombo for several days due to a delay in making the required payment, The Sunday Morning learnt.  The confirmation of the payment for the fuel tanker which arrived in Sri Lanka on 5 July had only been cleared on 9 July – a four-day delay – according to highly placed internal sources at Ceylon Petroleum Corporation (CPC). Speaking with The Sunday Morning, CPC Chairman Sumith Wijesinghe said the payment has been cleared, and as per the birthing schedule, things would commence as per usual.  "There is no issue with regard to the payments. The payments have been made and the shipments are cleared. We have a birthing schedule and as per the schedule, the usual mechanism would commence in extracting the oil from the tankers," he noted.   However, according to CPC sources, the Corporation is currently facing a crisis in finding the necessary foreign reserves to pay for the stocks that had been imported into the country, adding that it was highly unlikely that the fuel prices will be reduced owing to the situation at present, The Sunday Morning learnt.  Speaking with The Sunday Morning, Energy Minister and Cabinet Co-Spokesman Udaya Gammanpila said: "Overall, Sri Lanka's foreign reserves are very limited, and that had been the biggest reason behind the increase in the fuel prices – to discourage people from consuming extravagantly, so that it would be more economically viable.  "If this was an issue of rupees, we could have subsidised it or used alternative means, but it is an issue of foreign currency." 


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