Sri Lankan government to conditionally liberalise fuel imports sector
The Government of Sri Lanka is looking at launching a special permit procedure that would permit selected sectors to import and manage fuel stocks required for their industrial operations.
Sri Lanka’s Cabinet of Ministers recently decided to amend the existing energy legislation to allow the issuance of licenses to selected specific sectors to import and use the fuel required by them since fuel is a key requirement for economic activities.
The proposal was presented to the Cabinet of Ministers by Sri Lanka’s Power and Energy Minister Kanchana Wijesekera and requested to amend the existing Petroleum Products (Special Provisions) Act No. 33 of 2002.
“New proposal will enable us to overcome a lot of issues the people dealt with in terms of importing and distributing fuel over the past few months. The selected sectors such as power generation, fisheries, and exports will in future be able to import and maintain stocks of fuel to ensure smooth functioning of individual industries,” Cabinet Co-Spokesman and Minister Dr. Ramesh Pathirana told the media at the post-Cabinet media briefing.
The Legal Draftsman has been directed to formulate draft legislation to amend the existing Petroleum Products (Special Provisions) Act to make provisions to issue licences to identified parties.
OSL take:
Sri Lanka’s ongoing fuel crisis has resulted in the government of Sri Lanka deciding to open up the fuel importation based on industries and their requirements. This in turn has opened up new business opportunities for foreign businesses engaged in supplying fuel. Sri Lanka’s economic expansion and overall development programme have opened up a host of business/investment opportunities, especially in the supply of goods and raw materials. Sri Lanka is currently working towards becoming an emerging business hub in the South Asian region supported by its geographical positioning in the Indian Ocean and the strong trade ties.
| Article Code : | VBS/AT/03052022/Z_1 |