June 19, 2022
1 min read

Lanka pins hopes on Russian crude oil

Wijesekera said that they are trying to obtain Russian crude oil on credit to keep the country’s only oil refinery running…reports Asian Lite News

 Sri Lanka’s Minister of Power and Energy Kanchana Wijesekera said on Sunday that they have reached out to several Russian crude oil suppliers in an effort to solve the island nation’s energy crisis.

Wijesekera said that they are trying to obtain Russian crude oil on credit to keep the country’s only oil refinery running, reports Xinhua news agency.

The Minister said that Sri Lanka’s oil bill has risen to $550 million a month by June 2022.

He added that Sri Lanka now owes oil firms $730 million for oil imported on credit, and these companies will now only supply fuel after upfront payments or deposits.

Sri Lanka has suffered crippling fuel shortages since February as a foreign exchange crisis worsened in the South Asian country.

The country’s state-owned fuel distributor Ceylon Petroleum Corporation said it only has 5,000 metric tonnes of petrol and thus only 500 metric tonnes will be released to gas stations each day.

The country currently needs at least $5 billion over the next six months to pay for basic essential items such as food, fuel and fertiliser.

ALSO READ: Lankan PM vows to mitigate food crisis in country

Previous Story

Tunisia arrests 72 Italy-bound illegal immigrants off coast

Next Story

UAE President announces $50bn investment for climate action

Latest from -Top News

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing

Trump goes nuclear on Mamdani

Mamdani, a 33-year-old democratic socialist and son of Indian-Ugandan immigrants, secured a surprise victory over former governor Andrew Cuomo in the Democratic primary.;…reports Asian Lite News President Donald Trump has intensified his
Go toTop

Don't Miss

Sri Lanka Faces Economic Hurdles Amid Chinese Pressure

Sri Lanka’s total external debt exceeds USD 50 billion, with

LANKA: Alarm rings for int’l community

China’s debt trap diplomacy has become a major cause of