Sri Lanka Tests US WTI Crude as Trade Talks Progress After Tariff Cut
- CNL Reporter
- August 10, 2025
- News, Political
- Tariff Cut
- 0 Comments
Sri Lanka is testing samples of US-origin West Texas Intermediate (WTI) crude oil as part of plans to include it in future petroleum tenders, alongside Murban crude, officials confirmed. Ceylon Petroleum Corporation (CPC) Managing Director Dr. Mayura Neththikumarage said WTI, known for its low sulphur content and ease of refining, could be sourced competitively from US suppliers if approved.
The move coincides with ongoing trade talks between Sri Lanka and the US following Washington’s decision to cut tariffs on Sri Lankan exports from 44% to 20%. The earlier higher rate was imposed after former US President Donald Trump cited Sri Lanka’s 88% tariff on US goods—calculated from the $2.63 billion trade deficit—as justification for reciprocal taxes.
President Anura Kumara Dissanayake told Parliament last week that some agreements had been reached in the discussions, but progress remains limited. Sri Lanka’s exports to the US, worth around $3 billion annually, include apparel, tyres, coconut products, and cinnamon, while imports from the US total about $368 million.
Fuel imports to Sri Lanka fell 7.4% in 2024 to $4.35 billion. At present, most crude comes from Gulf suppliers, but CPC is opening tenders to US firms for crude, refined fuel, and liquefied gas.
