Written by Tharushan Fernando
13 Nov, 2015 | 8:10 pm
World oil prices dropped to 42 US Dollars per barrel of crude on Friday.
Over the past four months, the price of a barrel of crude oil in the world market was below the 50 US Dollar mark.
The price of a barrel of crude oil was sold between 48 – 50 USD in the World Market at the beginning of the year.
However, in April, May and June crude oil prices soared and a barrel was priced between 60 – 70 US Dollars. But since July, world crude prices were slipping low.
Data from the Central Bank of Sri Lanka notes that the price for which the Ceylon Petroleum Corporation also imported crude oil since June had slipped from 63 US Dollars per barrel to 48 US Dollars per barrel.
Although world oil prices have slipped to record lows, the Ceylon Petroleum Corporation is yet to reduce the domestic prices, after reducing prices on January 29.
Since January, the CPC had time, and time again, noted that a price formula will be introduced to ensure that the Sri Lankan consumers benefit from the drop in world oil prices.
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