Sri Lanka to issue new lubricant import licenses, double fees
Aug 24, 2016 11:45 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka will issue more licenses to import lubricants and double fees, set quality standards, and formalise the regulator, Information Minister Gayantha Karunathilaka said.
The cabinet of ministers had approved a proposal by Finance Minister Ravi Karunanayake to double a license fee charged every six months to Rs2.0 million from the current Rs1.0 million by raisng the registration fee to Rs6.0 million from Rs5.0 million.
Applications for new licences would be called by the Ministry of Petroleum Resources Development.
Sri Lanka Public Utilities Commission would be formally appointed as the regulator for the lubricants industry.
Sri Lanka Standards Institute would be asked to issue national quality certificates to import locally blended lubricants.
The Consumer Affairs Authority would be asked to enact legislation to enforce standards. At the moment, there were 13 companies blending or selling lubricants (Colombo/Aug24/2016).