CPC perturbed by LIOC failing to play a bigger role to resolve fuel crisis

By Shiran Ranasinghe

The Ceylon Petroleum Corporation is perturbed by the failure of Lanka Indian Oil Corporation (LIOC) to play a bigger role in resolving Sri Lanka’s fuel shortages.A senior CPC official told The Island that LIOC controlled one third of the retail fuel distribution and it could import larger quantities of oil through the Trincomalee terminal.

However, the company had shown little interest in expanding retail fuel distribution, the official said. “In fact, they have been limiting retail operations for some time,” he said.Out of the 1190 gas stations in the country, LIOC operates about 250.

India has given Sri Lanka credit lines worth 700 million dollars to import fuel. However, if LIOC imported more fuel to Sri Lanka it wouldn’t have to rely on foreign credit for fuel imports, he said.