Cabinet approval has been granted to open up the Fuel Import and Retail Sales Market to companies from oil-producing nations, Minister of Energy Kanchana Wijesekera said.
The Minister said the 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.
This exemption of Forex requirements will be permitted for the first few months of operations, he said.
Minister Wijesekera further said the Ceylon Petroleum Corporation (CPC) will be the service provider for logistics, stocking, and distribution with a service fee charged from the companies.
He added that selected outlets of the existing 1190 under the CEYPETCO and new outlets will be made available for the Lanka Indian Oil Company (LIOC) and the new companies that are selected.
The Minister of Energy said that, however, the Refinery will operate with Ceylon Petroleum Corporation.
Meanwhile, Minister of Energy Kanchana Wijesekera and Minister of Environment Naseer Ahamed left for Qatar this morning.
The two ministers are set to hold discussions with Qatar officials on fuel imports to address the current fuel crisis in Sri Lanka.
(courtesy NewsWire)
