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Last Updated : 2024-04-29 06:36:00
28 March 2023 07:36 am - 9 - {{hitsCtrl.values.hits}}
The Cabinet granted approval for three leading global fuel suppliers – China’s Sinopec, Australia’s United Petroleum and RM Parks of the United States of America – to enter the fuel retail market in Sri Lanka in collocation with Shell Company, according to a Twitter message by Power and Energy Minister Kanchana Wijesekera.
Three companies will be awarded 150 dealer operated fuel stations each in the country.
The government has decided to liberalize fuel trade in the country by opening it up to many players. The Ceylon Petroleum Corporation (CPC) is the key player in the market. Besides, Lanka Indian Oil Company (LIOC) accounts for nearly one- third of local fuel supply.
China and India, as key countries with strategic interests in Sri Lanka, try to invest in Sri Lanka’s energy sector. LIOC is currently developing the Trincomalee Oil Tank farm for further expansion of its operation and development of Trincomalee as a petroleum hub. Recently, a top Indian energy sector delegation visited Sri Lanka and discussed what the Minister tweeted ‘development of Trincomalee as an energy hub, oil and gas exploration and LNG supply’.
The visit took place days after a delegation from Sinopec arrived in the country. The company ranks fifth in the Fortune Global 500 list. The company is planning to invest in an oil refinery in Hambantota. (Kelum Bandara)
Jude Tuesday, 28 March 2023 08:33 AM
Why SL allowing virtual monopoly for CTC for Cigarettes!!
Truth Tuesday, 28 March 2023 08:58 AM
Job opportunities in the State sector that doesn't require any brain or physical strain will dry up.
Jayantha Tuesday, 28 March 2023 09:04 AM
Very good decision. Government should get rid of trade union terrorists and some government staff who are destroying this country more than politicos too. People will back the government when things like this done. So please go ahead with other sectors too.
Sokrates Tuesday, 28 March 2023 09:12 AM
Not enough. The Sri Lankan market should be opened to any international fuel supplier without restrictions. This prevents price fixing and corruption. The customer will benefit from low fuel prices. The prerequisite, however, is that the government stays out of everything, such as limiting the number of petrol sheds. Each corporation will only build as many petrol sheds as it needs to generate a good profit.
Karalasingam Sivalingam Tuesday, 28 March 2023 09:29 AM
There should be competition in every trade to get maxium service to the nation. What we could see is nationalisation of private ventures by Bandaranaike and Srimavo Bandaranayaka was a failure.
Travis Tuesday, 28 March 2023 09:44 AM
Good move our people can't do it get someone who can do it.
Dex Tuesday, 28 March 2023 10:22 AM
Thank you minister for taking unpopular but essential changes. These restructuring was long overdue
Man Tuesday, 28 March 2023 11:39 AM
Handing over the authority of petroleum to foreigners like the Kandyan convention in 1815. Modern Don Juan Dharmapala in action in full swing with many more to come.
Daya weerasinghe Tuesday, 28 March 2023 12:19 PM
Good move. Have good regulatory mechanism and privertise all Government run businesses.
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