The Cabinet of Ministers has granted approval to a proposal to allow companies from oil producing nations to import fuel to the country and also be involved in the retail market.
Minister of Energy Kanchana Wijesekera said companies will be selected based on their ability to import fuel and operate without needing to obtain foreign exchange from the Central Bank of Sri Lanka or other commercial banks, during the first few months of operations.
The Minister added, the Ceylon Petroleum Corporation will remain the service provider for logistics, storage and distribution and will charge a service fee from the companies.
A decision has also been taken to establish new filling stations while selected outlets among the existing 1,190 CEYPETCO stations will be given to the Lankan Indian Oil Company and to new importers.
The Energy Minister said the oil refinery will continue to be operated by the CPC.