ECONOMYNEXT — Sri Lanka has generated 3 million US dollars in revenue through the sale of 5,200 metric tons of fuel via a revived bunkering system for vessels, State Minister of Power and Energy D V Chanaka said.
This signifies a significant step forward in stabilising the country’s energy finances, Chanaka told reporters on Thursday February 08.
The establishment of a USD 200 million buffer stock demonstrates proactive planning to mitigate future economic fluctuations and ensure energy security, he said.
According to the state minister, Sri Lanka currently holds the largest oil reserves in its recent history, which he said signifies a significant improvement in fuel security and preparedness.
The official said Sri Lanka could also reduce fuel prices after March if there is no unpredictable events or sharp depreciation in the rupee currency.
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Sri Lanka minister hopes to reduce fuel prices after March with boosted energy security
(Colombo/Feb09/2024)