The Ceylon Petroleum Corporation requested an urgent meeting with the President, Anura Kumara Dissanayake, to discuss steps to manage the impact of growing volatility on the global oil market. That is according to the Chairman of the Corporation, D.J. Rajakaruna, who confirmed the request to us in a brief statement.
Beyond that confirmation, the Chairman set out no further details in his remarks to us. But speaking separately to a local newspaper, Rajakaruna described the present situation on the global oil market as alarming for Sri Lanka, a country which relies entirely on imported fuel, and stressed that the public should be aware of the challenges that could lie ahead.
His request comes at a time of sharp fluctuations in global oil prices, following the escalation of tensions in the Middle East. Prices eased today, however, after the United States and Iran paused attacks on each other's targets. Brent crude, which crossed a hundred United States dollars a barrel last Thursday, was trading below ninety-two dollars this evening. West Texas Intermediate crude, which was above ninety-three dollars on Thursday, fell to below eighty-five.
Even so, the Chairman told the newspaper, the wider volatility on the market raised significant concerns at home. Diesel prices, he said, rose by around forty-five per cent, and petrol prices by around thirty per cent, compared with rates at the start of this month. Crude oil prices, he added, also rose sharply, on global supply concerns. Discussions with the President, Rajakaruna went on, would focus on the measures now needed, including steps to reduce fuel consumption, and the management of any further price movement.
Domestic fuel distributors, meanwhile, raised concerns of their own, about the difficulty of selling fuel at current prices.
According to the Reuters news agency, physical crude oil cargo prices in the Middle East, Europe and Africa hit two-month highs this week, close to a hundred and ten dollars a barrel, as supply disruptions linked to the conflicts involving Iran and Ukraine forced buyers to look for immediate alternative supplies.
In his newspaper interview, the Chairman also pointed to the country's electricity sector. Reduced hydropower generation, he said, brought on by dry conditions linked to El Nino, placed additional pressure on fuel demand for power generation. Larger quantities of fuel, he said, are now being used to generate electricity, and this is creating a further challenge for the energy sector.
With the international market still unpredictable, Sri Lanka is closely monitoring developments, and continues to assess measures to manage fuel supplies and the country's rising energy demands.
Beyond that confirmation, the Chairman set out no further details in his remarks to us. But speaking separately to a local newspaper, Rajakaruna described the present situation on the global oil market as alarming for Sri Lanka, a country which relies entirely on imported fuel, and stressed that the public should be aware of the challenges that could lie ahead.
His request comes at a time of sharp fluctuations in global oil prices, following the escalation of tensions in the Middle East. Prices eased today, however, after the United States and Iran paused attacks on each other's targets. Brent crude, which crossed a hundred United States dollars a barrel last Thursday, was trading below ninety-two dollars this evening. West Texas Intermediate crude, which was above ninety-three dollars on Thursday, fell to below eighty-five.
Even so, the Chairman told the newspaper, the wider volatility on the market raised significant concerns at home. Diesel prices, he said, rose by around forty-five per cent, and petrol prices by around thirty per cent, compared with rates at the start of this month. Crude oil prices, he added, also rose sharply, on global supply concerns. Discussions with the President, Rajakaruna went on, would focus on the measures now needed, including steps to reduce fuel consumption, and the management of any further price movement.
Domestic fuel distributors, meanwhile, raised concerns of their own, about the difficulty of selling fuel at current prices.
According to the Reuters news agency, physical crude oil cargo prices in the Middle East, Europe and Africa hit two-month highs this week, close to a hundred and ten dollars a barrel, as supply disruptions linked to the conflicts involving Iran and Ukraine forced buyers to look for immediate alternative supplies.
In his newspaper interview, the Chairman also pointed to the country's electricity sector. Reduced hydropower generation, he said, brought on by dry conditions linked to El Nino, placed additional pressure on fuel demand for power generation. Larger quantities of fuel, he said, are now being used to generate electricity, and this is creating a further challenge for the energy sector.
With the international market still unpredictable, Sri Lanka is closely monitoring developments, and continues to assess measures to manage fuel supplies and the country's rising energy demands.
