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The government had to bear losses of more than $1 million on crude oil imports due to incorrect forecasts by officials in the commercial intelligence department of the oil companies.
A senior official of the oil company said the losses were caused by the minister-appointed intelligence unit’s wrong prediction of a rise in crude oil prices in the world market in August.
Despite the wrong predictions in the world market that crude oil prices would rise in August, crude oil prices fell to $82.52 per barrel in August, compared to $83.93 in July.
Thus, an intelligence unit of the company incurred losses of more than $1 million for sending a crude oil tanker erroneous information that crude oil prices would rise in August. Based on these predictions, a crude oil tanker was suddenly brought to Sri Lanka when the Sapgaskandar refinery was shut down.
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