Sri Lankan authorities are proposing to remove the rationed fuel scheme under QR code system, which has been in force for several months, and resort to normal, unrestricted fuel issues from next month.
Along with that, the Power and Energy Ministry plans to implement the cost-reflective fuel pricing formula on a monthly or daily basis, Minister Kanchana Wijesekera said.
The fuel price revision proposal will be submitted to the cabinet of Ministers at its meeting today, he disclosed a short while ago.
Sri Lanka has brought down 20 refined petroleum products and crude oil shipments placing orders through unsolicited proposals from January to September 2022 owing to the difficulty of purchasing on credit and open Letters of Credit (LCs) in Banks for term tenders, a Ceylon Petroleum Corporation (CPC) report revealed.
Minister Wijesekers said that he has tabled the report on “Performance of Oil Procurement” in Parliament.
According to this report 59 shipments of refined petroleum products have been brought down during a 9-month period, out of which 16 were through unsolicited proposals, 17 from single tenders, 11 from term contracts, and 15 from the Indian credit line.
Further, six shipments of crude oil were brought down during the same period out of which four were from unsolicited proposals and two through term contracts. (Bandula )