Sri Lanka is open to considering oil imports from the United States as part of efforts to reduce the trade gap and qualify for further reciprocal tariff reductions, according to Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando.
He noted that Sri Lanka’s monthly oil bill stands at around $300–400 million and that U.S. imports would be viable if they are cost-effective. However, he explained that the absence of a state-owned oil trading entity in the U.S. presents a challenge for government-to-government deals, as fuel trade there is handled by private firms.
Dr. Fernando emphasized that while Sri Lanka currently does not import oil from the U.S., the government remains open to discussions and would prioritize competitive pricing through regular tender processes.
In 2024, Sri Lanka recorded a trade surplus of $2.6 billion with the U.S., exporting $3 billion worth of goods—mainly garments—while importing only $368.2 million. The U.S. remains Sri Lanka’s largest export destination, accounting for 27% of total exports.
Meanwhile, the Ceylon Petroleum Corporation has requested a sample of U.S. WTI crude oil for testing, as the country continues to import around 180,000 tonnes of crude and nearly 200,000 tonnes of refined fuel products. It takes approximately 21 days for shipments from the U.S. to arrive, and American companies have shown interest in participating in Sri Lanka’s fuel tender process.
