The Cabinet of Ministers yesterday approved a proposal to restart the Fuel Oil trade by the Ceylon Petroleum Corporation.
The monopoly of fuel oil supply, upheld by the Lanka Maritime Services Limited affiliated to Ceylon Petroleum Corporation, was opened to the private sector in 2004. The bonded warehouse facilities in the Sri Lanka Ports Authority have been vended to the private sector by the CPC.
Accordingly, the CPC had withdrawn from the fuel oil trade. The small quantities of oil imported by a few suppliers stored at the Jaya Container Terminal are re-exported to ships sailing across the Sri Lankan territory.
The Ceylon Petroleum Corporation possessed the capacity of importing fuel oil in bulk at favourable prices and supplying the same to licensed suppliers at competitive prices. The supply of shipping oil at competitive prices will increase the number of naval vessels sailing across the Sri Lankan territory.
Cabinet approval to restart CPC’s fuel oil trade
02 Feb 2021
Cabinet approval to restart CPC’s fuel oil trade
02 Feb 2021
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