Sri Lanka’s CPC import premiums fall, saving $300mn a year: Minister

Premiums on fuel imports paid by state-run Ceylon Petroleum Corporation has declined with payments made on time under a new system, State Minister for Energy D V Chanaka has said as forex shortages eased over the past few months.

Under a new system suppliers are expected to unload their fuel to CPC terminals. The CPC then pays as fuel is taken by the agency, Chanaka was quoted as saying by the President’s media office.

During the crisis, out of 28 registered supplier only 2 were willing to continue to supply the island, he said.

The premium paid for auto diesel has fallen from 12.19 dollars per barrel to 5.78, he said.

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