ECONOMYNEXT – Premiums on fuel imports paid by state-run Ceylon Petroleum Corporation has declined with payments made on time under a new system, State Minister for Energy D V Chanaka has said as forex shortages eased over the past few months.
Under a new system suppliers are expected to unload their fuel to CPC terminals. The CPC then pays as fuel is taken by the agency, Chanaka was quoted as saying by the President’s media office.
During the crisis, out of 28 registered supplier only 2 were willing to continue to supply the island, he said.
The premium paid for auto diesel has fallen from 12.19 dollars per barrel to 5.78, he said.
The saving worked out to around 3.5 million dollar a shipment and the saving in the first six months was 63 million dollars.
The premium on petrol was reduced from 10.8 dollars to 7.00 dollars a barrel which worked out to around 3.3 million dollars per tanker shipment.
The savings for the first six months was around 59.3 million US dollars.
Savings on super diesel was about 2.3 million dollars per shipment and petrol 95 was about 2 million dollars.
The saving on jet fuel imports was about 22 million dollars. A total of 149 million dollars have been reduced in the first six months, showing a potential to save about 300 million dollars, a year he said.
The CPC was also no longer paying delay charges. (Colombo/July25/2023)