Such products used by unwary consumers could damage vehicle engines, he warned.
Sri Lanka's lubricant market was estimated at 60 million litres a year of which more than three million litres could be grey market or fake.
Gamini Amarasekera, an industry expert said a lubricant typically had a series of chemicals to disperse and keep in suspension dirt and particles, prevent particles from coagulating and other additives to reduce friction and fuel efficiency.
There were anti-oxidants to increase the life of the engine.
Over the last several decades technology behind lubricants had become more complex, and periodically new, more advanced industry standards were being set.
A vehicle could use a later standard oil, but the use of an older standard lubricant could damage the engine and reduce its lifetime, he said.
Sri Lanka's petroleum industry became a state monopoly in the1960 as property rights were violated by the state and existing petroleum firms were expropriated.