Cabinet green light to open Sri Lanka's Fuel Import & Retail sales market to Companies from Oil producing Nations.

COLOMBO (News 1st); Sri Lanka's Cabinet has given the green light to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations.

Minister of Power and Energy Kanchana Wijesekera tweeted that these companies will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and Banks for the first few months of operations.

He said that the Ceylon Petroleum Corporation will be the service provider for logistics, stocking and distribution with a service fee charged from the Companies.

Selected outlets of the existing 1190 CEYPETCO and New outlets will be made available for LIOC and New Companies selected, he added noting that the refinery will operate with CPC.