Thu, 06 Oct 2022

COLOMBO, Aug. 6 (Xinhua) -- Sri Lanka on Friday appointed a committee to select suitable companies to import, distribute and sell petroleum products in the country, said a minister on Saturday.

Minister of Power and Energy Kanchana Wijesekera said that they want multiple companies to engage in the petroleum industry in Sri Lanka.

Currently, the only two players in Sri Lanka's market are Ceylon Petroleum Corporation and Lanka IOC.

In June 2022, Sri Lanka's cabinet gave the green light to allow companies from oil-producing nations to import and sell fuel to the Sri Lankan market.

Sri Lanka took this step following fuel shortages that have greatly affected its economy.

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