A worker fills a motorbike at a petrol station in Colombo, Sri Lanka, Sept. 1, 2023. Sri Lanka Friday scrapped the QR quota system introduced for fuel sale, as the country has sufficient foreign exchange and stocks to provide uninterrupted supply in the retail market, a minister said on Friday. (Photo by Gayan Sameera/Xinhua)
COLOMBO, Sept. 1 (Xinhua) -- Sri Lanka Friday scrapped the QR quota system introduced for fuel sale, as the country has sufficient foreign exchange and stocks to provide uninterrupted supply in the retail market, a minister said on Friday.
Power and Energy Minister Kanchana Wijesekera told the reporters that the quota system was introduced a year ago because the country ran short of foreign exchange to pay for fuel imports, but the situation has now improved.
He said the entry of China's Sinopec for fuel distribution saved the foreign exchange burden on the government in the import of fuel.
Referring to the latest upward fuel price revision, he said it was due to price hikes in the world market.
Sri Lanka's cabinet earlier this year decided to award licenses to three foreign companies that intend to enter the fuel retail market in the country. ■
