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Tuesday September 27th, 2022

Sri Lanka to revise petroleum law to allow new distributors

ECONOMYNEXT – Sri Lanka’s cabinet of ministers has approved a draft bill to be tabled in parliament that, if approved, will allow licensed importers to bring in fuel to prevent another fuel shortage as the country reels from an economic crisis.

The bill has received clearance from the attorney general, cabinet spokesman Minister Bandula Gunawardena said on Tuesday August 09.

A statement from the government information department said that, previously, on April 25, the cabinet had approved the amendment of Petroleum Products Act to enable other competing parties to import petroleum products under a license in the fact of the ongoing foreign exchange deficit.

At the cabinet meeting held on Monday August 08, the cabinet had approved Power and Energy Minister Kanchana Wijesekara’s proposal to to publish the bill in the government gazette to be tabled in parliament.

At the moment, 90 percent of fuel distribution in Sri Lanka is done by the state-run Ceylon Petroleum Corporation (CPC) and about 10 percent by Lanka IOC.

The energy minister previously said that up to four players will be permitted to distributed fuel, with the CPC allocating 300 of its filling stations out of the 1,190 for this purpose.

Sri Lanka on August 08 also allowed the local unit of the Indian Oil Corporation (IOC) Lanka IOC, the only other fuel supplier in the island, to open 50 new filling stations.

Sri Lanka cabinet clears plan allow new foreign fuel distributors

Sri Lanka plans to allow more fuel distributors

(Colombo/Aug09/2022)

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