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Wednesday October 5th, 2022

4 million vehicles register for Sri Lanka fuel pass ration: Minister

SEE, NO EMMISSIONS: Hundreds of cars can be seen parked on roadsides near filling stations in Sri Lanka for days on end, not emitting carbon dioxide in the currency crisis.

ECONOMYNEXT – Over four million vehicles have been registered in Sri Lanka’s online fuel rationing system up to July 25, Cabinet spokesman Bandula Gunewardene said as continued monetary instability creates forex and fuel shortages.

Sri Lanka’s fuel bill for 2022 is estimated at 6.7 billion US dollar up from 2.7 billion US dollars Gunewardene said.

Sri Lanka started an online fuel rationing system as the country faced forex shortages after two years of money printing and continued monetary accommodation for state salaries.

Under the rationing system each vehicle will be allocated a weekly quota of fuel.

Forex shortages are a problem associated with soft-pegged central banks whose money and exchange policies conflict.

Sri Lanka has been in the habit of borrowing from suppliers every year that the central bank printed money and created forex shortages.

However suppliers have now stopped giving credit and have over 700 million dollars in arrears and are demanding pre-payment. (Colombo/July26/2022)

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  1. sacre blieu says:

    Unimaginable, that such a small country and with such a huge vehicle population now running a huge underground unofficial economy, with loss of confidence in governance and even greater looting of the economy by fraud, bribery and corruption, letting off the criminals responsible for the greatest downfall of the country ever. Those who should have been behind bars for the discovery of initial evidence are free to roam the land and laugh all the way to their banks. The movement of such illicit wealth should have been obvious to the banks that have received them, and this is strange for financial reporting and discipline. The laundering of illicit wealth has many avenues and should be aware by the IRD, who strangely go after the honest taxpayer and cover the tax dodgers.

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Comments (1)

Your email address will not be published.

  1. sacre blieu says:

    Unimaginable, that such a small country and with such a huge vehicle population now running a huge underground unofficial economy, with loss of confidence in governance and even greater looting of the economy by fraud, bribery and corruption, letting off the criminals responsible for the greatest downfall of the country ever. Those who should have been behind bars for the discovery of initial evidence are free to roam the land and laugh all the way to their banks. The movement of such illicit wealth should have been obvious to the banks that have received them, and this is strange for financial reporting and discipline. The laundering of illicit wealth has many avenues and should be aware by the IRD, who strangely go after the honest taxpayer and cover the tax dodgers.