Sri Lanka’s Cabinet has approved a proposal to liberalise the fuel retail marketing by allowing more players from China, Australia and the US to enter the market. The island nation’s fuel retail market was a state monopoly under the Ceylon Petroleum Corporation (CPC) till 2003 when the Indian Oil Corporation was allowed to operate.<\/p>\n
Energy Minister Kanchana Wijesekara tweeted: “The Cabinet approval granted to award licenses to Sinopec, United Petroleum Australia and RM Parks of USA in a collaboration with Shell Plc to enter the fuel retail market in Sri Lanka.”<\/p>\n
Wijesekara added that the energy committee and procurement committees had approved a recommendation to award the three companies the licenses to operate.<\/p>\n
They will be allocated 150 dealer-operated fuel stations which are currently being run by the state fuel entity the Ceylon Petroleum Corporation.<\/p>\n
“They will be granted a license to operate for 20 years to import, store, distribute and sell petroleum products in Sri Lanka,” the minister added.<\/p>\n
Lanka IOC (LIOC), the Indian Oil Corporation’s subsidiary in Sri Lanka, proved a welcome addition when the CPC was gripped in the economic crisis and imports were not possible due to the forex shortage last year.<\/p>\n
The fuel sector trade unions, who opposed the deal with the IOC, say they are opposed to the new liberalisation policy in the fuel sector.<\/p>\n
The LIOC by mid-last year was enjoying a 16 per cent market share for petrol and diesel.<\/p>\n
For lubricants, bitumen, and oil bunkering their market share was over 35 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sri Lanka’s Cabinet has approved a proposal to liberalise the fuel retail marketing by allowing more players from China, Australia and the US to enter the market. The island nation’s fuel retail market was a state monopoly under the Ceylon Petroleum Corporation (CPC) till 2003 when the Indian Oil Corporation was allowed to operate. Energy Minister Kanchana Wijesekara tweeted: “The Cabinet approval granted to award licenses to Sinopec, United Petroleum Australia and RM Parks of USA in a collaboration with Shell Plc to enter the fuel retail market in Sri Lanka.” Wijesekara added that the energy committee and procurement committees […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-566449","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/566449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=566449"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/566449\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=566449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=566449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=566449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}