The Ceylon Petroleum Corporation (CPC) has secured a steady supply of crude oil on credit from a supplier in Singapore for 180 days, Newswave learns. Six consignments of crude oil will arrive in the country under this facility – one for each month on credit for 30 days.
A top official of the CPC said the first consignment will arrive in the country on January 23 or 24 under this facility.
The government is currently facing a foreign exchange crisis making it difficult to find the funds required to import fuel. Sri Lanka needs around US $ 360 million for the monthly import of fuel. The foreign exchange reserves have dropped to nearly US $ 1.5 billion at the moment.
