Sri Lanka cabinet clears plan allow new foreign fuel distributors

Sri Lanka’s cabinet of ministers has cleared a proposal to allow companies in oil producing countries to distribute fuel as the country is in the grip of a monetary meltdown triggered by mis-targeting of interest rates by a intermediate regime central bank.

At the moment 90 percent of fuel distribution is done by state-run Ceylon Petroleum Corporation and about 10 percent by Lanka IOC.

“Due to the currency crisis faced by Sri Lanka it is a big challenge to supply oil without interruption,” a statement issued after the weekly cabinet meeting said.

Read more on Economy Next