The national oil company signed off an option collar for 150,000 barrels of oil at a strike price of 70 dollars with Standard Chartered Bank.
"The contract is for one week with a floor of 67 dollars and a maximum of 72 dollars," Ceypetco Chief, Asantha de Mel said.
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"We are first starting by hedging diesel imports because we use around 4,000 tonnes a day. The prices of diesel is usually around 10 dollars more than crude prices," he said.
Import-dependent Sri Lanka forecast this year's oil bill will hit 1.
8 billion dollars, after paying 2.
1 billion dollars in 2006 due to the sharp rise in international crude prices.
Three foreign banks with local branches -- giants Citibank, Deutsche Bank and Standard Chartered Bank -- were selected to hedge up to 25 percent of Sri Lanka's total oil purchases for a six month period.
"We are currently buying diesel at 70 dollars a barrel, with six month prices fixed at around 72 dollars a barrel," he said, referring to prices for future