Sri Lanka, April 17 -- A staggering $286 was paid for a single barrel of refined oil by Sri Lanka's state energy company. This confirmation came from Ceylon Petroleum Corporation (CPC) Chairman D.J. Rajakaruna during a press conference in Colombo today, validating claims initially brought forward by HSBC Group Chief Executive Officer Georges Elhedery at an investment summit in Hong Kong.

Global oil prices remained relatively normal, yet a buyer in Sri Lanka paid double the expected highest rates. Elhedery originally shared this observation, noting the massive expense associated with recent shipments reaching the island.

Initial reports regarding this massive expenditure were flatly denied by the CPC. The Chairman originally released a s...