Possible LNG shortage on the horizon with Ukraine tensions: Ranil

COLOMBO (News 1st); Former Prime Minister Ranil Wickremesinghe warns of a possible LNG crisis as fuel prices continue to record a rise due to tension in Ukraine.

The UNP MP, pointing out that after Russia entered Ukraine on 21st February, said that the cost of a barrel of crude oil will rise to 115 US dollars. Moreover, if Europe does not obtain LNG from Russia, they will have to obtain it from Qatar, which will in turn cause a shortage of LNG in Sri Lanka and the price of LNG will rise as well, he stated. 

Stating that he would prefer if the Finance Minister addresses the Parliament on this matter before the Parliamentary debate on tomorrow, Wickremesinghe said that as the EPF fund is being exempted from the surcharge tax possibly causing a loss of Rs. 50 billion, the former Prime Minister said that Sri Lanka does not have means to find funding for projects worth Rs. 229 billion. 

Speaking further, he said that if the Finance Minister presents a proper economic plan, then the matter can be debated properly. Mentioning the three fuel tankers which are docked at the port now, the former Prime Minister said that if Sri Lanka does not make its payments right now, the next time crude oil will be imported, it will have to be imported under the new rates. 

Meanwhile, the Chief Opposition Whip, Lakshman Kiriella stated that the although the Finance Minister first spoke of the economic crisis on 10th of December and several other issues befell the country after that, the Parliament has not been informed of these issues, and instead has to resort to learning about them via media.