Written by Staff Writer
14 Jun, 2021 | 6:06 pm
COLOMBO (News 1st); The President’s Media Division on Sunday (13) said that the Government has taken steps to implement a number of proposals to change the pattern of consumption based on imported fuels.
The President’s Media Division said that completely stopping the importation of new vehicles powered with fuel is among these proposals.
According to the President’s Media Division, Sri Lanka spends a large amount of its foreign exchange to import fuel.
In 2019 alone, the foreign exchange spent on oil imports was US$ 3,677 million it added noting that the cost spent for fuel imports was reduced to US$ 2,325 million in 2020 due to the ban on vehicle imports and the reduction in international oil prices.
Therefore, although the ban on vehicle imports was maintained, the expenditure from the foreign exchange earnings for petroleum imports would be around US$ 4,000 million, it added.
In addition to spending foreign exchange, the Ceylon Petroleum Corporation (CPC) has been a loss- making institution, relying on loans obtained from two state banks, and the due to the two banks as loans is Rs. 652 billion.
Therefore, in addition to increasing prices, the Government has taken steps to implement a number of proposals to change the pattern of consumption based on imported fuels.
– Completely stop the importation of new vehicles powered with fuel as well as promoting the use of electric vehicles
– Providing electric engines for three-wheelers.
– Converting the Kelanitissa Power Station into an LNG Power Plant
– Converting the railway service into an electric rail transport system
– Providing solar thermal power kits to every household, school, hospital, and government buildings.
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