Sri Lanka plans for its petroleum product requirements for next year

The Ministry of Power and Energy has held discussions with the Ceylon Petroleum Corporation (CPC) and the Ceylon Petroleum Storage Terminals Ltd (CPSTL) to plan for cargo requirements for the next 12 months,  Minister of Kanchana Wijesekara said.

Discussions were also held  to increase the existing storage capacities at CPSTL Kolonnawa and Mutthurajawela terminals and regional depots to maintain a larger buffer stock.

The moves come amidst concerns that there would be higher demand for fuel in the upcoming months.

The Minister however ruled out speculative reports about the possible reintroduction of the QR pass system for fuel.

“The Govt, Ministry of Power & Energy or CPC has not engaged in any discussion to re-introduce the National Fuel Pass QR system or any quota system for fuel as falsely mentioned…” the Minister said in a Twitter message.

Oil prices have climbed over fears the Israel- Hamas war could embroil the wider petroleum-producing Gulf region and threaten global output, international media reported last week.

Oil prices jumped more than 3% after members of the militant group Hamas launched its surprise attack on Israel.