Bharat Petroleum gains share in Sri Lanka’s lubricant market
ECONOMYNEXT – India’s Bharat Petroleum Corporation gained lubricant market share in Sri Lanka in the second quarter of 2019, overtaking state-owned Ceylon Petroleum Corporation with Chevron Lubricants remaining market leader, official data showed.
Chevron Lubricant’s market share rose to 40.88 percent or 6,072.00 kilolitres during Q2 of 2019, from 38.46 percent or 6,242.00 kilolitres for the same period last year, according to the Public Utilities Commission.
In 2018, Chevron’s market share was down to 37.32 percent from 39.98 percent in 2017.
The market leader has won several tenders to supply lubricants to state-owned power stations and transport services in 2019.
One of the biggest gainer during the quarter was from Bharat Petroleum Limited whose market share increased to 6.79 percent from 5.14 percent a year earlier.
The state-owned Ceylon Petroleum Corporation lost it’s market share to Bharat Petroleum Limited, falling to 5.29 percent from 5.90 percent in 2018 second quarter.
Currently, 13 operators compete in Sri Lanka’s lubricant market and are authorized to import, export and sell lubricants, with only three authorized to blend lubricants.
Overall the market sales fell to 14,852.30 kiloliters in the second quarter of 2019 from 16,227.86 kiloliters sold in 2018 of the same period.