ECONOMYNEXT – The first shipment of fuel from China’s Sinopec will arrive in Sri Lanka in the first week of August with a maximum retail price for fuel also on the cards, State Minister of Power and Energy D V Chanaka said.
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Sri Lanka to set maximum retail price for fuel after new players: Minister
Sinopec, China’s state-owned petroleum corporation, is among three foreign players who have signed contracts to enter the Sri Lankan market.
A contract agreement was signed with Sinopec in May to distribute fuel locally through 150 filling stations first to ensure a steady and uninterrupted fuel supply in Sri Lanka.
Power & Energy Minister Kanchana Wijesekara had said earlier that the shipment would arrive end-July.
An ongoing QR code-enabled quota system for petrol and diesel will be amended soon to increase the quota, State Minister Chanaka said.
President Ranil Wickremesinghe’s administration has decided to sell government stakes in seven key state-owned enterprises (SOEs) including loss-making fuel retailer Ceylon Petroleum Corporation (CPC). Restructuring SOEs has been high on the agenda of the Wickremesinghe government as part of its reform plans consequent to finalising an agreement with the International Monetary Fund (IMF) for a 2.9 billion US dollar extended fund facility. (Colombo/Jul24/2023)