Sri Lanka Crude Oil Imports 2026 Market Overview & Trends

Unlocking Opportunities in Sri Lanka Crude Oil Imports Market: Trends, Strategies, and Growth Insights

$766.4 m

Market Size

1.5 b Kg

Import Volume

India

Key Trading Partner

~17.29%

Market Growth Rate

Crude Oil Market Overview in Sri Lanka

AI Insight

Sri Lanka's crude oil imports demonstrate a positive 17.29% growth trajectory, despite a dip from the 2023 peak of $921 million to $766 million in 2024. The market is characterized by extreme supplier concentration, with the United Arab Emirates holding a dominant competitive position. However, India has emerged as a high-growth partner, surging by 73.29%. The sector remains focused exclusively on petroleum crude oil (HS 270900). For stakeholders, this indicates a stable demand environment reliant on Middle Eastern supply, with burgeoning regional diversification from India.

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5-Year Import Volume

AI Insight

Sri Lanka's import value for crude oil peaked significantly in 2023 at over $921 million. While the 2024 value decreased to approximately $766 million, it remains substantially higher than the 2020-2022 period. Import quantities for 2024 were recorded at 1.52 billion units, showing a slight decrease compared to 2020 levels.

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Top 5 Supplier Countries

United Arab Emirates

100%

India

China

Hong Kong

Netherlands

AI Insight

The United Arab Emirates is the overwhelming primary supplier, accounting for $766.3 million of the total import value in 2024. Other contributing nations, including India, China, Hong Kong, and the Netherlands, represent a negligible portion of the total market share, highlighting a heavy geographic concentration of supply.

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Import Growth Analysis

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17.3%Annual Growth

AI Insight

The market has achieved a robust growth rate of 17.29%. This indicates a strong upward trend in the total value of crude oil imports over the analyzed period, reflecting increasing domestic demand or shifting energy procurement costs.

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Emerging Supply Markets

AI Insight

India is the fastest-growing partner with a remarkable 73.29% growth rate, despite its lower total value. In contrast, the largest supplier, the United Arab Emirates, saw a marginal contraction of 0.08%. Other partners like China and Hong Kong maintained stable growth profiles.

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Related Products You May Import

AI Insight

The trade is entirely concentrated in petroleum crude oil (HS 270900), which reached a total value of $766.35 million in 2024. This single category defines the sector's import profile for the year.

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Crude Oil Import Requirements in Sri Lanka

Before Shipment

1. Import license from Import and Export Control Dept. 2. Registration with Ceylon Petroleum Corporation. 3. Pre-shipment quality inspection. 4. Letter of Credit establishment. 5. Compliance with environmental and safety standards for hazardous materials.

Documentation Required

1. Commercial Invoice. 2. Bill of Lading. 3. Certificate of Origin. 4. Certificate of Analysis (Quality). 5. Packing List and Customs Declaration Form.

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Crude Oil Imports and Free Trade Agreements in Sri Lanka

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India-Sri Lanka FTA
Pakistan-Sri Lanka FTA
South Asian Free Trade Area (SAFTA)
Sri Lanka-Singapore FTA
Asia-Pacific Trade Agreement (APTA)

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Tariff Tracker

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Import Requirements

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