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Ceylon Petroleum Corporation News

07 Dec 2014

Sri Lanka Cuts Fuel Price Ahead of Elections

Sri Lanka slashed fuel prices by up to nearly 6 percent on Saturday to reflect falling global oil prices and said it would forgo subsidies and allow market forces to determine prices at the pumps from now on. The fuel price reduction comes ahead of snap presidential elections in January and two months after it cut energy prices across the board. "Don't link this to the election in any way. As a result of the drop in world oil prices, better management and better debt collection we were able to reduce the prices," Minister of Petroleum Industries Anura Priyadharshana Yapa said on Saturday. India, Indonesia and Malaysia have also cut fuel subisidies in recent weeks to take advantage of lower world prices and reduce fuel subsidy bills which have strained their finances.

10 Sep 1999

CPC Pays Thousands In Demurrage Due To Cracked Hoses

Sri Lanka's Ceylon Petroleum Corporation (CPC) will have to pay thousands of dollars in demurrage daily as it repairs faulty underwater hoses used to unload oil from tankers at the Colombo port's outer harbor. "We had to stop unloading oil from a tanker at the Colombo outer harbor when cracks were detected in two underwater hoses," Anil Obeyesekere, the firm's chairman, said. "We replaced the hoses and then found that a third hose had also developed cracks. It will be replaced within five days," he said. Obeyesekere said two tankers, each carrying 60,000 tons of crude oil, were currently in the harbor. One had already unloaded 40,000 tons. "The tankers are normally in and out in four days, but due to this problem they will be delayed.

16 Aug 2001

Sri Lanka Cuts Fuel Cost To Balance Insurance Hikes

Sri Lanka slashed refueling charges at its main port on Thursday in a bid to woo back ships which are bypassing the country to avoid a prohibitive war-risk insurance surcharge, officials said. They said the move was a first step towards liberalizing bunkering operations at the Colombo port, which has been badly hit by the surcharge imposed after Tamil Tiger guerrillas attacked the country's only international airport last month causing an estimated $1 billion in damage. "From now on fuel will be at sold at Singapore rates which will be 30-50 percent cheaper," said a senior port official who did not want to be identified. He said the move would cut the price of marine diesel to around $175 per ton from the $330 per ton charged by Ceylon Petroleum Corporation…