Sri Lanka To Open Fuel Import, Retail Sales Market To Foreig...| MENAFN.COM

Sunday, 07 August 2022 10:24 GMT

Sri Lanka To Open Fuel Import, Retail Sales Market To Foreign Companies

(MENAFN- NewsIn.Asia)

Colombo, June 28 (AdaDerana) – The Cabinet of Ministers has green-lighted opening up the fuel import and retail sales market to companies from oil-producing nations.

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

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Approximately, 90% of Sri Lanka's fuel demand is fulfilled by the Ceylon Petroleum Corporation (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.

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