Energy Minister Announces Fuel Duopoly To End, Oil-Producing Countries Allowed To Enter Market

In a quest to get extra gas into Sri Lanka, the facility and power minister Kanchana Wijesekera on Tuesday stated the duopoly controlling imports can be ended permitting firms from oil-producing nations to enter the market. The event comes amid Wijesekera go to to Qatar and ministerial colleague anticipated to journey Russia in hunt for power offers to battle the extreme gas scarcity within the island nation that has pressured many colleges to shut, reported information company Reuters. Wijesekera flew to Qatar late on Monday night time whereas Schooling Minister Susil Premajayanth is because of arrive in Russia on July 3.

Sri Lankan minister is hoping to trace a long-term gas provider in Qatar who’s “keen to work with Sri Lanka’s international trade and different challenges”, stated a ministry official, in line with the report.

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President Gotabaya Rajapaksa  stated on Twitter that he met the Russian ambassador, Yuri Materiy, on Monday. Sri Lanka final month purchased 90,000 tonnes of Russian oil. “Sustaining strong bilateral relations between our two nations, while specializing in creating buying and selling alternatives was mentioned extensively at this assembly,” Rajapaksa stated.

In the meantime, Indian Oil’s subsidiary in Sri Lanka, Lanka IOC (Indian Oil Company) has introduced to limit the sale of petrol to a most of Rs 7000 for four-wheelers.

In a tweet, Lanka IOC PLC shared in regards to the restriction saying, “Lanka IOC with quick impact restricts gross sales of Petrol as follows:: 2 Wheelers : Rs.1500/- 3 Wheelers : Rs.2500/- 4 Wheelers : Rs.7000/- Inconvenience prompted is deeply regretted.”

Lanka IOC with quick impact restricts gross sales of Petrol as follows::
2 Wheelers : Rs.1500/-
3 Wheelers : Rs.2500/-
4 Wheelers : Rs.7000/-
Inconvenience prompted is deeply regretted..

— Lanka IOC PLC (@LankaIOCPLC) June 28, 2022

Lanka IOC is the one personal oil firm that operates retail petrol and diesel stations in Sri Lanka. The federal government has additionally restricted issuing gas to non-public autos and introduced offering gas just for important providers with impact from Monday night time, Day by day Mirror reported.

Sri Lanka’s Cupboard spokesman Bandula Gunawardena stated, “The gas disaster within the nation was mentioned at size on the Cupboard assembly held yesterday and it was determined to problem gas just for important providers. It was determined to supply gas to important collection, similar to ports, well being sector, distribution of important meals objects, and transportation of agricultural merchandise, till July 10.”

He assured {that a} mechanism to supply a steady provide of LPG and gas can be in place after the tenth of July.

Information launched on Tuesday underlined the injury the disaster has achieved to the economic system.

Sri Lanka’s economic system contracted by 1.6% in January to March over the identical interval in 2021, and analysts stated greater inflation and political uncertainty might result in as much as a 5% contraction within the second quarter.