Indian credit line alone not sufficient to overcome fuel crisis

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Sri Lanka is banking on a USD500 million credit line from India to pay for its fuel bills, but the facility will not be sufficient to meet the fuel import bills in the upcoming months, Energy Ministry source said.

The Treasury would have to take a decision soon on a price revision or granting relief by lifting taxes enabling the Ceylon Petroleum Corporation to import, the source said.

The CPC Chairman Sumith Wijesinghe on Sunday (17) told the media that negotiations with the Indian High Commission are underway for the credit line facility.

Minister Udaya Gammanpila earlier said that the Minister of Finance Basil Rajapaksa has been told about the current status and that uninterrupted supplies of fuel could be provided only for the next months.

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