Sri Lanka’s Ceylon Petroleum Corporation (CPC) on Thursday rejected reports that it paid US$ 286 per barrel for crude oil, calling the claims false and harmful to its reputation.

CPC Chairman D.J. Rajakaruna said the corporation had “neither paid nor agreed to pay” such a price for any shipment. He stressed that crude imports are handled solely by the CPC for refining at the Sapugaskanda Refinery, and that no consignment had been contracted at anywhere near the reported figure.

The clarification followed remarks attributed to HSBC Chief Executive Georges Elhedery, who told the Financial Times that the highest “door-to-door” price he had seen for oil delivered to Sri Lanka had reached $286, including shipping and insurance.

The CPC said prices agreed for shipments arriving after the outbreak of hostilities in the Middle East were approximately $71.99, $111.62, $71.81, and $113.29 per barrel, levels it described as competitive relative to global market rates.

Rajakaruna added that the CPC had secured supplies under favourable conditions, ensuring continuity of refining operations while safeguarding national energy interests. He warned that false reports risked misleading the public and said legal action would be pursued against those spreading misinformation.