Sri Lanka to set maximum retail price for fuel after new players: Minister

Sri Lanka is planning to set a maximum retail price for fuel in the future, with distributers free to sell below the price, State Minister for Energy D V Chanaka said.

Sri Lanka has opened fuel distribution to several companies including China’s Sinopec which will is expected to bring its first shipment early next month.

“The ministry will set a maximum retail price in the future,” Minister Chanaka told reporters, at the President’s media office.

“Companies can sell at the price of their choice, subject to the maximum limit. There will be competition. If one company reduces the price, and others follow, there will be a big benefit.”

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