Sri Lanka to open retail fuel market to foreign companies
Sri Lanka’s cabinet of ministers has approved a proposal to allow companies from oil-producing nations to import oil and start retail operations in Sri Lanka.
A statement by the Department of Government Information said the proposal was tabled by Minister of Power and Energy, Kanchana Wijesekera.
“Given the severe foreign exchange crisis faced by Sri Lanka, the government believes that entering into agreements with foreign companies which can use their own funding to import fuel will be a solution to fuel shortages,’’ the information department said.
According to the statement, 90 per cent of Sri Lanka’s fuel supply was through the Ceylon Petroleum Corporation, and the remaining 10 per cent by Lanka IOC.
Sri Lanka is battling crippling fuel shortages as fuel prices were increased four times this year.
(Xinhua/NAN)
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