Lanka IOC secures Petroleum Products License for twenty more years

Lanka IOC PLC said yesterday it has been granted with the renewal of Petroleum Products License for a period of 20 years with effect from January 22, 2024.

Prior to the recent liberalisation of the fuel market, Lanka IOC was the sole private player in Sri Lanka’s fuel retail market duopoly, operating alongside the state-owned Ceylon Petroleum Corporation.

Sri Lanka recently gave license to three global players including China’s Sinopec, to enter the fuel market.