According to an audit report issued by the National Audit Office on the 26th, Ceylon Petroleum Corporation had to bear an additional cost of 17,876 million rupees due to the use of a different price index to determine the price of crude oil by the Petroleum Regulatory Corporation in the year 2022.
The audit report has also revealed that different price indexes were used for the payments related to 2,023,509 barrels of crude oil imported in 2022.
The audit report states that “A price index representing a relatively high price in the market had been used to decide the price (cost) in relation to 2,023,509 barrels of crude oil (Siberian Light and Ural) imported by the Corporation in 03 occasions during the year under review instead of using the related price index for those products published on Singapore PLATTS. As a result, the Corporation had to incur an additional cost of USD 49 million or equivalent to Rs. 17,876 million which was calculated based on the exchange rate in the related customs declaration.”
Pillayan and Another Remanded Until the 27th
October 13, 2026
