The Government has announced a series of measures to dollarise certain sectors and further liberalise the petroleum industry amidst the ongoing economic crisis.

Power and Energy Minister Kanchana Wijesekara yesterday said any company or industry that can make a dollar payment will be permitted to open a consumer account at Ceylon Petroleum Corporation (CPC) to obtain the weekly guaranteed quota. 

“They need to pay a month in advance and fuel will be issued on a daily or weekly basis from 12 July. Customers who have already paid will receive their quota on 12 July,” he said.

The shortage of foreign exchange remains the key issue for the worsening economic crisis.

Minister Wijesekara also updated the fuel cargo schedules from CPC and Lanka IOC (LIOC).

As per the Minister, a 40,000 ton diesel consignment procured by CPC will arrive in Sri Lanka by 8 or 9 July, whilst adding that a shipment of petrol procured by LIOC is scheduled to arrive by 22 or 23 July. 

He also said a 135,000-ton crude oil shipment is due to reach Sri Lanka by 15 July, while a consignment of furnaces oil procured by CPC will arrive on 10 or 11 July. 

In addition, the Minister said CPC has received confirmation from LIOC for an advanced payment for one diesel and two petrol consignments. 

Minister Wijesekara also said he briefed the trade union leaders of the CPC and Ceylon Petroleum Storage Terminal Ltd. (CPSTL) on the Cabinet proposal that was approved last week and the cargo plan for July and August.

He has also explained to them the proposal to invite oil-producing country companies to import fuel and operate retail sales in Sri Lanka. 

 

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