Sri Lanka to open fuel import, retail sales market to foreign companies

Sri Lanka to open fuel import, retail sales market to foreign companies

June 28, 2022   11:15 am

The Cabinet of Ministers has green-lighted opening up the fuel import and retail sales market to companies from oil-producing nations.

These companies will be selected on their ability to import fuel and operate without foreign exchange requirements from the Central Bank of Sri Lanka (CBSL) and other banks for the first few months of operations, Minister of Power & Energy Kanchana Wijesekara said in a tweet.

According to him, the Ceylon Petroleum Corporation (CPC) will be the service provider for logistics, stocking and distribution with a service fee charged from the selected companies.

Selected outlets of the existing 1,190 belonging to the CEYPETCO and new outlets will be made available for Lanka IOC and the new companies selected, he explained further.

 

 

The proposal for this was tabled by the Minister of Power & Energy, for entering into long-term agreements with selected companies in oil-producing countries by following the formal procedure.

Approximately, 90% of Sri Lanka’s fuel demand is fulfilled by the CPC, and the remaining 10% by Lanka IOC, the IndianOil’s subsidiary in Sri Lanka.

Ensuring an uninterrupted fuel supply to the country has become a challenge due to the current foreign exchange crisis in Sri Lanka, the Government Information Department said in a statement.

Accordingly, long-term agreements signed with selected companies in foreign oil-producing countries will allow them to import and sell fuel using their own funds, in a manner that does not put pressure on the foreign exchange issue in Sri Lanka.

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.

Most Viewed Video Stories

All govt schools to resume normal functioning from tomorrow (English)

All govt schools to resume normal functioning from tomorrow (English)

Will not give up... this struggle will continue – Cardinal Ranjith (English)

Our team has a national plan - Sajith Premadasa (English)

Arms, drug seizure from Sri Lankan boat: Accused raised funds to revive LTTE, says India’s NIA (English)

Sri Lanka lifts ban on six Tamil diaspora organisations (English)

LIVE🔴Ada Derana Late Night News Bulletin 10.00 pm

Sri Lanka lifts ban on six Tamil diaspora organisations

Champika and Welgama willing to accept responsibilities if given