Colombo: Lanka IOC is a subsidiary of? Indian Oil Corporation In Sri Lankakept its pumps open throughout Tuesday as fuel stations at the cash-strapped government’s fuel arm in the island nation were not functioning as the energy crisis worsened.
On Monday, the Sri Lankan government announced that only essential services would operate from midnight to July 10 and all other operations would be temporarily suspended as the crisis-hit country faced a severe fuel shortage.
A spokesperson for LIOC said they issued petrol to private vehicle owners on Tuesday, but had to limit issues due to demand.
The government issued tokens to those vehicles which were waiting in long lines for more than 3 days. The token-issuing army said they would be given priority when state-run normal deliveries resume Ceylon Petroleum Corporation (CPC).
Sri Lanka’s unprecedented economic crisis due to lack of foreign exchange has created a serious crisis in the energy sector. Fuel shortages have seen long queues at retailers and with the end of the $700 million credit line offered by India, the pumps have run dry.
The Sri Lankan government is now exploring options to buy subsidized oil from Russia, as the island nation desperately seeks to replenish its dwindling fuel reserves amid an unprecedented economic crisis caused by severe shortages of foreign exchange reserves.
Angry people standing in queue for fuel want President Gotabaya Rajapakse And his government must resign immediately for its inability to deal with the fuel shortage.
Since June 24, no fuel tankers with supplies have arrived in the island nation, while the CPC says no new orders have been placed.
Sri Lanka’s Energy Minister on Monday kanchana vijesekera Visited Qatar to work on a loan purchase agreement with the Oil State.
Meanwhile, the government’s statistics office said on Tuesday that economic growth is expected to slow to minus 1.6 per cent in the first quarter of this year due to the economic crisis.
Fuel shortage has affected all sectors and reduction in production has contributed to negative growth, a release said.
The decision to stop chemical fertilizer imports due to the foreign exchange crisis had also contributed to the loss of crops.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced in April that it was suspending foreign debt repayments of about $7 billion for the year, out of about $25 billion by 2026. Is. Sri Lanka has a total foreign debt of $51 billion.
Sri Lankans are in long queues for fuel and cooking gas as the government is unable to find dollars for imports.
So far, there have been an estimated twelve deaths in fuel queues due to exhaustion, physical illness or accidents.
Indian credit lines for fuel and essential commodities provide lifeline till talks continue International Monetary Fund Could potentially lead to relief.
On Monday, the Sri Lankan government announced that only essential services would operate from midnight to July 10 and all other operations would be temporarily suspended as the crisis-hit country faced a severe fuel shortage.
A spokesperson for LIOC said they issued petrol to private vehicle owners on Tuesday, but had to limit issues due to demand.
The government issued tokens to those vehicles which were waiting in long lines for more than 3 days. The token-issuing army said they would be given priority when state-run normal deliveries resume Ceylon Petroleum Corporation (CPC).
Sri Lanka’s unprecedented economic crisis due to lack of foreign exchange has created a serious crisis in the energy sector. Fuel shortages have seen long queues at retailers and with the end of the $700 million credit line offered by India, the pumps have run dry.
The Sri Lankan government is now exploring options to buy subsidized oil from Russia, as the island nation desperately seeks to replenish its dwindling fuel reserves amid an unprecedented economic crisis caused by severe shortages of foreign exchange reserves.
Angry people standing in queue for fuel want President Gotabaya Rajapakse And his government must resign immediately for its inability to deal with the fuel shortage.
Since June 24, no fuel tankers with supplies have arrived in the island nation, while the CPC says no new orders have been placed.
Sri Lanka’s Energy Minister on Monday kanchana vijesekera Visited Qatar to work on a loan purchase agreement with the Oil State.
Meanwhile, the government’s statistics office said on Tuesday that economic growth is expected to slow to minus 1.6 per cent in the first quarter of this year due to the economic crisis.
Fuel shortage has affected all sectors and reduction in production has contributed to negative growth, a release said.
The decision to stop chemical fertilizer imports due to the foreign exchange crisis had also contributed to the loss of crops.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced in April that it was suspending foreign debt repayments of about $7 billion for the year, out of about $25 billion by 2026. Is. Sri Lanka has a total foreign debt of $51 billion.
Sri Lankans are in long queues for fuel and cooking gas as the government is unable to find dollars for imports.
So far, there have been an estimated twelve deaths in fuel queues due to exhaustion, physical illness or accidents.
Indian credit lines for fuel and essential commodities provide lifeline till talks continue International Monetary Fund Could potentially lead to relief.