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government.Throwing an open retail fuel market to new players from oil-producing countries – Island

By Ifham Nizam and Rathindra Kuruwaita

The Council of Ministers approved a proposal to allow companies in oil-producing countries to import oil and start retailing in Sri Lanka.

The Government Intelligence Service announced a decision yesterday (28) to issue a statement.

This proposal was made by Kanchana Wijesekara, Minister of Electricity and Energy.

The Cabinet also approved a proposal under the Sri Lanka Port Authority (SLPA) to allow companies registered in the bunkering business to import jet fuel.

Sri Lanka needs 1.2 million liters of jet fuel a day for airplanes. However, CPC cannot procure sufficient amounts of aviation fuel.

Thus, the Minister of Electricity and Energy has proposed that the above companies import jet fuel so that they can continue their air travel without hindrance.

Wijesekera, Minister of Electricity and Energy in Qatar on a trade delegation, tweeted yesterday that he will be selected through companies for his ability to import fuel and operate without foreign exchange requirements for the first few months from the Central Bank of Sri Lanka and banks here. did. operation.

He emphasized that Ceylon Petroleum Corporation will become a logistics, inventory, and distribution service provider with service fees charged by the enterprise.

Minister Wijesekera said the existing 1,190 CEYPETCO selected and new stores will be available to the Sri Lankan Indian Oil Company and the new company will be selected, saying that the Sapugaskanda refinery will continue to operate under the CPC. Stated.

At a special media briefing, Media Minister Bandula Gunawardena said fuel issuance will be restricted to vehicles connected to critical services until July 10.

A Cabinet spokesman said the CPC will only supply diesel and gasoline to essential services such as ports, the health sector, the distribution of essential foods and the transportation of agricultural products.

The ministers also decided to continue important services and suspend other activities until July 10, the minister said.

He further ensured that a mechanism to provide a continuous supply of LP gas and fuel would be implemented after 10 July.

He added that interstate transportation services would be temporarily suspended due to limited fuel inventories.

According to the Government Intelligence Agency, 90% of Sri Lanka’s fuel supply is currently processed by Ceylon Petroleum Corporation (CPC) and the remaining 10% is processed by Lanka IOC.

http://island.lk/govt-throws-open-retail-fuel-market-to-new-players-from-oil-producing-countries/ government.Throwing an open retail fuel market to new players from oil-producing countries – Island

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