MONETABRIEF – Sri Lanka's state-run Ceylon Petroleum Corporation will set up 75 fuel stations across the island, President Anura Kumara Dissanayake said, as private distributors limited distribution amid price controls.
"Private firms have not been able to give fuel at the price of CPC," President Dissanayake told a Sri Lanka Economic and Investment Summit organized by the Ceylon Chamber of Commerce.
"They have stocks but have not issued fuel, that is wrong. So we will strengthen the CPC."
The CPC has made a 28 billion rupee profit and expected to make a 30 billion rupee profit by the end of the year, President Dissanayake said.
CPC has shared a part of the profit with the people, he said.
The Treasury is giving subsidy to sell fuel at controlled prices, but distributors have said it is not enough.
Private firms have been told to sell fuel and different prices if they wished, President Dissanayake told a public rally over the weekend.
Refined fuels, particularly diesel has raced ahead of crude oil prices due to reduction of refinery capacity. In the US crack margins have gone above 100 dollars a barrel.
SEE CURRENT US, EUROPEAN CRACK SPREADS HERE.
The gap between crude and diesel, called the crack margin has widened from around 20 dollars to around 80 dollars after the US-Iran war.
The CPC produces part of its fuel from the refinery and is able to earn the crack margin.
There is also an import tax difference between crude and refined fuel. (Colombo/Oct12/2026)