Colombo: Sri Lankan government allows private companies to import fuel, Minister of Power and Energy Kanchana vijesekera said on Friday, a move aimed at easing the burden on the cash-strapped state-run fuel retailer Ceylon Petroleum Corporation (CPC).
Severe depreciation of the Sri Lankan rupee against the US dollar, and rising global crude oil prices following the ongoing conflict in Ukraine were some of the reasons the state-owned unit is struggling to import fuel. “All private bunker fuel operators were approved to import and provide diesel and fuel oil requirements of industries to operate their generators and machinery,” Vijesera said in a tweet.
“This will reduce the burden on CPCs and fuel stations providing bulk. The meeting took place yesterday,” he said.
According to the online business and political news portal Economicnext, in April, the Sri Lankan cabinet agreed to amend the Petroleum Products Act to provide for the issuance of licenses to import fuel to “properly identified parties”, which are governed by the CPC. An import monopoly held by
The Sri Lankan government on Tuesday hiked the price of petrol by 24.3 per cent and diesel by 38.4 per cent, amid the country’s worst economic crisis due to lack of foreign exchange reserves.
With the second fuel price hike since April 19, now the most commonly used octane 92 petrol will cost Rs 420 (USD 1.17) and diesel Rs 400 (USD 1.11) per liter, an all-time high .
The decision to increase the price of octane 92 petrol by 24.3 per cent or Rs 82 and diesel by 38.4 per cent or Rs 111 per liter was taken by the CPC.
Sri Lanka has also hired France-based financial and legal advisory firms Lazard And Clifford Chance LLP To support its debt restructuring as the country is on the verge of bankruptcy.
Severe shortage of foreign reserves has led to long queues for fuel, cooking gas and other essential items, while power cuts and rising food prices have irked people.
Prime Minister of Sri Lanka on Thursday Ranil Wickremesinghe Media reports said he met presidents and top management of all state and private banks in the country and inquired about issues like dollar crunch and credit expansion as well as the amount of savings.
Sri Lanka is going through the worst economic crisis since independence from Britain in 1948, which has also led to a political crisis.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced last month that it would defer foreign debt repayments of around USD 7 billion for this year out of about USD 25 billion due by 2026. is suspending.
Sri Lanka’s total external debt is $51 billion.
The financial crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches, with Sri Lankans outside shops to buy fuel and cooking gas for months. Forced to wait for hours. ,
Protesters occupy the presidential entrance Gotabaya RajapakseThe office has been running for nearly 50 days demanding his resignation.
President’s brother and former prime minister Mahinda Rajapakse He resigned earlier this month after nationwide violence when his supporters attacked peaceful protesters.
Severe depreciation of the Sri Lankan rupee against the US dollar, and rising global crude oil prices following the ongoing conflict in Ukraine were some of the reasons the state-owned unit is struggling to import fuel. “All private bunker fuel operators were approved to import and provide diesel and fuel oil requirements of industries to operate their generators and machinery,” Vijesera said in a tweet.
“This will reduce the burden on CPCs and fuel stations providing bulk. The meeting took place yesterday,” he said.
According to the online business and political news portal Economicnext, in April, the Sri Lankan cabinet agreed to amend the Petroleum Products Act to provide for the issuance of licenses to import fuel to “properly identified parties”, which are governed by the CPC. An import monopoly held by
The Sri Lankan government on Tuesday hiked the price of petrol by 24.3 per cent and diesel by 38.4 per cent, amid the country’s worst economic crisis due to lack of foreign exchange reserves.
With the second fuel price hike since April 19, now the most commonly used octane 92 petrol will cost Rs 420 (USD 1.17) and diesel Rs 400 (USD 1.11) per liter, an all-time high .
The decision to increase the price of octane 92 petrol by 24.3 per cent or Rs 82 and diesel by 38.4 per cent or Rs 111 per liter was taken by the CPC.
Sri Lanka has also hired France-based financial and legal advisory firms Lazard And Clifford Chance LLP To support its debt restructuring as the country is on the verge of bankruptcy.
Severe shortage of foreign reserves has led to long queues for fuel, cooking gas and other essential items, while power cuts and rising food prices have irked people.
Prime Minister of Sri Lanka on Thursday Ranil Wickremesinghe Media reports said he met presidents and top management of all state and private banks in the country and inquired about issues like dollar crunch and credit expansion as well as the amount of savings.
Sri Lanka is going through the worst economic crisis since independence from Britain in 1948, which has also led to a political crisis.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced last month that it would defer foreign debt repayments of around USD 7 billion for this year out of about USD 25 billion due by 2026. is suspending.
Sri Lanka’s total external debt is $51 billion.
The financial crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches, with Sri Lankans outside shops to buy fuel and cooking gas for months. Forced to wait for hours. ,
Protesters occupy the presidential entrance Gotabaya RajapakseThe office has been running for nearly 50 days demanding his resignation.
President’s brother and former prime minister Mahinda Rajapakse He resigned earlier this month after nationwide violence when his supporters attacked peaceful protesters.