Crude prices sliding, pegged at $48.19 on Wednesday
2008-11-20 07:45:45

World crude oil prices are sliding, putting more pressure on the Ceylon Petroleum Corporation (CPC) to cut prices, with Brent pegged at $48.19 per barrel on Wednesday, slightly lower than $48.80 the previous day, according to Central Bank figures.

The OPEC basket was trading at $46.55, the Bank said. The CPC embroiled in a issue over huge payoffs to foreign and local banks over hedging contracts, has said it may consider revising prices next month if overseas crude falls sharply.

In the Singapore Refined Products Market, petrol was trading at $43.40, diesel at $67.05 and kerosene at $73.40 – all lower than Tuesday’s rates. .