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, Trend reports citing Xinhua.
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.
