The three foreign companies permitted to enter Sri Lanka’s retail fuel market will begin operations following the finalization of the relevant agreements, Secretary to the Ministry of Power and Energy Mapa Pathirana stated.
According to the Sunday Observer, Mapa Pathirana stated that it is expected that the agreements with the three companies will most probably be finalised within the next two months.
China’s Sinopec, United Petroleum of Australia, and RM Parks of USA are slated to enter Sri Lanka’s retail market under a collaboration with Shell PLC
They will be given licences with a validity of 20 years to import, store and distribute fuel in Sri Lanka, while they will also be provided 150 Ceylon Petroleum Corporation (CPC) fuel stations under the scheme.
Stating that the companies will have to adhere to the government formula for determining the maximum retail price for petroleum products, Pathirana said, however, any company willing to sell fuel at a price below the maximum retail price were welcome to do so. (NewsWire)
