Final negotiations are underway between Sri Lankan authorities and the foreign companies that have been approved to enter the local fuel retail market, it was reported.
According to The Sunday Morning, Sri Lankan authorities are waiting for the selected foreign companies to declare their prices.
Final negotiations are currently being conducted by Sri Lanka with the companies that have been finalised for the awarding of licences to enter into the local petroleum business.
Once the negotiations are completed, the fuel prices of each company will be declared, it was reported.
As per the report, sources familiar with the discussion have revealed that the companies would be allowed to come up with a cost-reflective price for petroleum products.
The sources further said that as per the discussion, the price should not exceed the price that has been declared by the Government at present.
In April 2023, the government announced that China’s Sinopec, Australia’s United Petroleum, and RM Parks of the USA are slated to enter Sri Lanka’s fuel retail market under a collaboration with Shell PLC.
It was reported at the time that they will be given licences with a validity of 20 years to import, store and distribute fuel in Sri Lanka.
According to the government, the selected companies will also be provided 150 CPC fuel stations under the scheme. (NewsWire)