SL to open up Fuel Import & Retail Sales Market

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The Cabinet of Ministers has approved a proposal to allow companies from oil-producing nations to import fuel to the country, and also to open up a retail sales market to such companies.

Accordingly, companies will be selected on the ability to import fuel and operate without Forex requirements from the Central Bank of Sri Lanka (CBSL) and other banks for the first few months, Energy Minister Kanchana Wijesekera said.

Moreover, he noted that the Ceylon Petroleum Corporation (CPC) will be the service provider for logistics, stocking, and distribution with a service fee charged from the companies, while selected outlets of the existing 1190 fuel stations under CEYPETCO and new outlets will be made available for the Lanka Indian Oil Company (LIOC) and the new companies that are selected.

The Refinery will operate, however, with CPC, Wijesekera assured.