World oil prices soar; CPC readies emergency plans

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Mar 8, 2026
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Enough fuel stocks until August; plans to buy more from India; price hikes likely if war drags on
By Damith Wickremasekara and Kapila Bandara

With world oil prices soaring, the Ceylon Petroleum Corporation (CPC) has drawn up emergency plans to ensure energy security. The plans include purchasing larger supplies from India, a senior CPC official said.

He said there was no immediate threat of fuel shortages, but if the war continued and destabilised the Gulf region, price hikes could follow.

“At the moment we have adequate stocks of fuel, including crude oil, to last until August. Beyond that, we have put plans in place to buy more from India and have begun talks to ensure a continuous supply. Most of the oil imports already come through Indian companies, as shipping costs are lower due to the close proximity,” the CPC chairman said.

Read more in today's Sunday Times edition here