April 21, 2022
1 min read

Lankan exporters can now pay diesel in US dollars

The mechanism has been approved by the central bank under the Exchange Control Act of No. 24 of 1953….reports Asian Lite News

The Central Bank of Sri Lanka has decided to allow exporters to purchase diesel from main oil companies in the country using US dollars.

Secretary to the Ministry of Energy K.D.R. Olga told journalists in Colombo on Thursday that a system has been introduced to allow US dollar-earners to use their export proceeds to purchase diesel they need to run their businesses, reports Xinhua news agency.

The mechanism has been approved by the central bank under the Exchange Control Act of No. 24 of 1953.

Exporters can pay for their diesel in US dollars, and a portion of the remaining dollar income from exports must be converted into Sri Lankan rupees, according to the central bank.

Manoj Gupta, managing director of Lanka IOC, told the media that they started supplying diesel to exporters under this process from this week.

Sri Lanka has increased fuel prices to a record high and introduced fuel rationing on April 15 to cope with the shortage in the country.

ALSO READ: Pak PM orders fool-proof security for Imran

Previous Story

22nd global edition of World Blockchain Summit held in Dubai

Next Story

Boris says he will fight next election

Latest from -Top News

GAZA KILLINGS: War Crime?

Mobile Phone Footage Casts Doubt on Israeli Account of Ambulance Attack in Gaza Newly surfaced mobile phone footage has raised serious questions about the Israeli military’s justification for opening fire on a

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that

Uganda, South Sudanese leaders hold talks

Museveni, who is among the guarantors of a 2018 peace agreement that ended a five-year civil war, held closed-door discussions with President Salva Kiir Uganda’s President Yoweri Museveni was expected to meet

Protests across US against Trump

The largest event was at the National Mall in DC, where demonstrators numbered in the tens of thousands People across the US took to the streets on Saturday to oppose what left-leaning

Namibia voices concern over US tariffs

AGOA is a non-reciprocal trade arrangement aimed at supporting development in African countries through preferential access to US markets The Namibian government has expressed concern over newly imposed US tariffs, warning that
Go toTop

Don't Miss

Imran Seeks IMF Election Audit Before New Loan

Former PM Imran Khan warned that the loan would lead

India extends Pak Defence Minister invitation to SCO summit

A formal invitation on the same was given to the