Connect with us

News

New foreign entrants to local fuel retail market to begin operations within two months

Published

on

By Rathindra Kuruwita

The three foreign companies selected to enter the fuel retail market would commence operations within the next two months, Minister of Power and Energy, Kanchana Wijesekera told journalists in Colombo yesterday.

Wijesekera said that agreements would be signed with these companies within the next two to three weeks.

The minister said that the three companies were keen to commence operations in Sri Lanka and had requested the government to fast-track the process.

The state-owned Ceylon Petroleum Corporation (CPC) currently operates 1,142 filling stations.

The CPC directly operates 234 stations, and others numbering 908 are run by dealers.

The three foreign companies would be given 450 gas stations (150 each) from the 908 operated by local dealers, he said.

The Cabinet last week agreed to award licences to more foreign companies to engage in fuel retail market, Wijesekera said.

China’s Sinopec, United Petroleum of Australia and RM Parks of US in a collaboration with Shell Plc will enter the fuel retail market in Sri Lanka.

Wijesekera said the Energy Committee and other procurement committees had given approval for awarding operating licences to these companies.

The minister added that the companies would be permitted to import, store, distribute and sell petroleum products in Sri Lanka for 20 years.

The companies will also be allowed to establish 50 new gas stations each in new locations.

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

Sri Lanka has tried to encourage foreign companies to enter the domestic fuel retail market amid its economic woes.



Latest News

Free 14 day visa extension for visitors unable to depart Sri Lanka

Published

on

By

The Department of Immigration and Emmigration has decided effective from 28th February 2026,  to grant a free fourteen  (14) day visa extension to all tourists who are unable to leave Sri Lanka  due to flight cancellations.

Continue Reading

News

Maldives Coast Guard Ship Huravee arrives in Colombo

Published

on

By

The Maldives Coast Guard Ship Huravee arrived at the Port of Colombo for replenishment purposes on 02 Mar 26. The visiting ship was welcomed by the Sri Lanka Navy (SLN) in compliance with time-honoured naval traditions.

The ship is a 48.9m long Offshore Patrol Vessel which is commanded by Lieutenant Colonel Ahmed Nafiu Mohamed.

Meanwhile, the ship’s crew is scheduled to visit several tourist attractions in the city of Colombo, during their stay in the island.

Continue Reading

News

AKD warns of far reaching economic consequences of Middle East war

Published

on

Anura

President Anura Kumara Dissanayake yesterday called for an immediate and peaceful resolution of the escalating Middle East conflict, warning that the crisis could have far-reaching repercussions on the global economy, including Sri Lanka.

Addressing Parliament, the President stressed that no military conflict benefited humanity, particularly at a time when destructive military technologies were rapidly advancing.

“Any military conflict does not create a favourable situation for any group of people,” he said, urging all parties to make urgent commitments towards peace. “As Sri Lanka, our position is that all parties involved in this war must, as soon as possible, take steps toward a peaceful world.”

He cautioned that Sri Lanka could not remain insulated from the fallout from the conflict, noting that disruptions to global oil and gas supplies, threats to migrant workers in the Middle East, and potential shocks to tourism, remittances, shipping and aviation were real concerns.

A national programme was being formulated to mitigate the impact, he said, adding that its success would hinge on broader international efforts to restore stability, the President said.

Acknowledging public anxiety shaped by past economic hardships, President Dissanayake said social stability could not be ensured through rhetoric alone but required tangible guarantees that citizens would not face another crisis.

While noting that the government had successfully navigated multiple challenges since assuming office, he described the Middle East situation as distinct due to the uncertainty surrounding its duration and outcome.

The government, he said, was closely monitoring developments. The Central Bank had conducted a review with a report on the likely economic impact expected shortly. The Ministry of Finance is also preparing an assessment of the potential effects on public life, alongside measures to ensure the uninterrupted provision of essential services locally and for Sri Lankans overseas.

“The primary responsibility for finding a path out of the crisis rests with the Government,” he said, calling on Parliament and the public to collectively confront the challenge under a unified national plan.

Providing a detailed account of the country’s energy reserves, the President said storage capacity rather than supply remained the key constraint. Excluding the Indian Oil Corporation tanks in Trincomalee, total storage capacity at Kolonnawa and Muthurajawela stands at approximately 150,000 metric tons.

Diesel stocks were currently sufficient for 33 days, with refining contributing around 1,800 metric tons daily. Petrol reserves will last 27 days, with a 35,000 metric ton shipment due on March 7 or 8 expected to extend availability to around 40 days.

Aviation fuel stocks are adequate for 49 days, supported by both daily refining and imports. Scheduled shipments include vessels from RM Parks on March 14, Sinopec on March 17, IOC on March 21 and the Ceylon Petroleum Corporation on March 28.

Crude oil supplies were sufficient to operate the refinery for 26 days, with an additional shipment expected to extend operations by a further 18 days, the President said.

“Because of this, there is no crisis regarding oil,” the President assured Parliament.

Continue Reading

Trending