Opposition MP Harsha de Silva has accused the JVP/NPP government and officials at the state-owned petroleum distributor of attempting to misrepresent remarks made by HSBC’s CEO regarding oil prices, calling their actions “utterly shameful.”

De Silva said the government wrongly claimed the CEO had suggested Sri Lanka paid USD 286 per barrel of crude oil, even threatening legal action against HSBC. 

He clarified that the executive had in fact referred to the refined oil “door-to-door” price, not crude, and was merely analyzing the fallout of the ongoing Middle East war.

“The man clearly referred to refined oil and door-to-door price, never crude, as accused by the government,” de Silva wrote on X, adding that the government’s attempt to “teach the man a lesson” had backfired.

His comments refer to the CPC’s response to claims by Georges Elhedery, CEO of HSBC, stating that oil prices for Asian buyers can be significantly higher than Brent crude benchmarks due to added costs such as insurance, shipping and supply constraints.

According to a report by Middle East Eye, speaking at an investment forum in Hong Kong, Elhedery said benchmark oil prices in Western markets often fail to reflect the actual costs faced by buyers in Asia.

“What worries me is not the headlines. Oil headline is above $100, $110,” he said, according to a transcript cited by Bloomberg. “Realistically, if you are now trying to get oil from the Middle East, you may be paying $140, $150.” He added that the highest figure he had heard was $286 in Sri Lanka.

Responding to the statement, the CPC rejected claims that Sri Lanka paid $286 per barrel for crude oil, adding that it intends to pursue legal action over reports it described as inaccurate.

Issuing a statement, the CPC Chairman said the corporation imports crude oil solely for the Sapugaskanda refinery, but it had neither paid nor agreed to pay $286 per barrel for any crude oil shipment it has procured or contracted.

The CPC further rejected what it described as false statements aimed at damaging the corporation’s reputation, warning that it intends to pursue legal action against parties responsible for spreading misinformation. (Newswire)

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