The Sri Lankan Cabinet of Ministers has granted approval to a proposal to allow companies from oil producing nations to import fuel to the country and also be involved in the retail market.
Minister of Power and Energy Kanchana Wijesekera tweeted that these companies will be selected on the ability to Import Fuel and operate without seeking foreign exchange from the Central Bank of Sri Lanka and Banks for the first few months of operations.
The Minister added, the Ceylon Petroleum Corporation (CEYPETCO) will remain the service provider for logistics, storage and distribution and will charge a service fee from the companies.
A decision has also been taken to establish new filling stations while selected outlets among the existing 1,190 CEYPETCO stations will be given to Lankan Indian Oil Company and to new companies.
The Energy Minister said the oil refinery will continue to be operated by the CPC.