India’s Modi offers more petrol to Sri Lanka President

ECONOMYNEXT – India’s Prime Minister Narendra Modi had offered more emergency supplies of petrol to Sri Lanka following a telephone conversation with Sri Lanka’s President Maithripala Sirisena.

Lanka IOC, a unit of Indian Oil Corporation, which is the second oil distributor of the island had offered 3,500 kilolitres of petrol to state-run Ceylon Petroleum Corporation and a ship with 21,000 kilolitres of petrol had left India, the Indian High Commission in Colombo said.

Additional petrol would also be made available from a refinery in Kochi, and further petrol would be supplied if needed, the Modi had said.

Sri Lanka ran into a petrol crisis after the ministry of petroleum refused permission to filter a stock of petrol which had got contaminated while on transit to Lanka IOC and also rejected another fuel shipment offered by the firm, saying a stock of diesel was off-spec.

Lanka IOC insisted that the diesel was of better quality than the spec. Sri Lanka’s spec also includes colour, and in the past, diesel with a higher than required C10 count had been rejected.

The issued had dragged on from mid-October, and delay in the arrival of a CPC stock by about a week led to panic buying.

The CPC shipment is due to arrive in Colombo around midnight August 08. (Colombo/Oct09/2017)

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