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COLOMBO (Reuters) -Sri Lanka's central bank has secured foreign exchange to pay for fuel and cooking gas shipments that will ease crippling shortages, its governor said on Thursday, but police ...
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
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The government's ban was lifted later that day. The Human Rights Commission of Sri Lanka condemned the government's actions and summoned officials responsible for the blocking and abuse of protesters. [33] [34] On 3 April, all 26 members of the Second Gotabaya Rajapaksa cabinet resigned with the exception of Prime Minister Mahinda Rajapaksa.
Litro Gas is Sri Lanka's largest gas company. It controls 85% of Sri Lanka's gas market. The company is wholly owned by Sri Lanka Insurance Corporation.. Established in 1872 as Colombo Gas and Water Company, [3] it was a wholly owned subsidiary of Royal Dutch Shell until 2010, when it was purchased by the government of Sri Lanka.
Government figures show the average price of a litre of petrol on January 8 was at its lowest level since October 2021, at 139.7p. This has been attributed to a fall in oil prices.
Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation. [4]
The fuel shortfalls have also led to long lines at petrol and diesel stations over the past months. IOC supply is supported by an Indian Line of Credit of US$500 million. [ 7 ] In August 2022 Sri Lanka's Ministry of Power and Energy has authorised the establishment of 50 new fuel stations by Lanka IOC.