Foreign fuel suppliers to enter Sri Lanka's retail market in a month

COLOMBO (News 1st); Sri Lanka's Minister of Power & Energy Kanchana Wijesekera said that 450 fuel stations have been categorized into 3 separate groups of 150 to be made available to the new foreign fuel service operators.

At the meeting with the owners & management of fuel stations, it was revealed that the new foreign fuel service operators will enter the Sri Lankan fuel market within a month.

Sri Lanka's Minister of Power & Energy Kanchana Wijesekera met with owners & management of fuel stations at the Foundation Institute in Colombo on Thursday (4) morning.

The minister tweeted that he met the first two groups of owners & management of Fuel stations that will be made available to new suppliers. 

Both sides had discussed dealership allocation to new suppliers, categorizing mechanism, new agreements, pricing formulas, benefits of new suppliers, dealer margins, government policy & regulations.

Sri Lanka awarded retail fuel licenses to three foreign firms, namely, China’s Sinopec, United Petroleum Australia and US-based RM Parks, which is in collaboration with Shell.

The cabinet granted approval to allocate 150 dealer-operated fuel stations for each new supplier, and for A further 50 fuel stations to be established by each selected company.