Sri Lankan regulators are yet to take concrete steps to mitigate adulteration and counterfeit lubricants according to Chevron Lubricant MD\CEO Muhammad Najam Shamsuddin.
“Nine new players were allowed to enter the lubricants industry, as a result, the total count has grown from 13 to 22,” he said and added that this was an unusual move as the market has been in a flat to declining trend over the previous four years.
Chevron Lubricant spearheaded the escalation of some of the industry challenges with the authorities, particularly adulteration and counterfeit oils, he said
“However, we are still awaiting concrete steps by the regulator to mitigate these threats to the overall industry. The enactment of the required legislative framework empowering the regulator to operate effectively is yet to take place,” he said.
Also, while the Ministry of Energy has taken certain initial steps to set up an independent laboratory through the Industrial Technology Institute to test the conformity of lubricants to standards, it is yet to be operationalised to meet the market’s needs, he further said.
By Mario Andree