CPC struggles to clear diesel shipments

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Due to a foreign exchange deficit, the Ceylon Petroleum Corporation (CPC) is struggling to make payments to release two shipments of diesel and crude oil.

Three vessels carrying crude oil and diesel arrived in the last several weeks, according to a spokesman for the Ministry of Power and Energy.

According to him, a shipment of crude oil arrived on 23 August, and two shipments of diesel arrived on 4 and 7 September.

However, he said, as of now, the CPC has cleared half of the diesel shipment. The spokesman said, they are awaiting the resolution of the Central Bank’s foreign exchange deficit.

He said, demurrage charges will not be levied, but they were eager to clear the shipments expeditiously. However, he declined to provide information on the funds required to clear the shipments.

By Thameenah Razeek