Sri Lanka only has enough fuel for about 5 more days
Sri Lanka only has enough fuel for about 5 more days
Sri Lankans losing patience and hope’ amid economic crisis.
Colombo, Sri Lanka Sri Lanka’s fuel reserves will last for another five days, its power and energy minister said on Thursday, as the island’s nation is waiting for official confirmation from the Indian government for a new credit line of $500 million for fuel.
The country of a 22 million population has been stuck in the worst financial crisis in seven decades when its foreign exchange reserves record has been reduced, the dollar has tended to pay for the necessary imports including food, medicine, and fuel.
With kilometer lines at some gas stations all over the country, this week’s chronic shortage of fuel has worsened, as a result of which vehicle owners sometimes wait overnight for petrol and diesel, causing sporadically protests.
Stock covers vehicles, fuel for some industries, and essential services. A month ago, the prime minister said that there is enough petrol for just one day.
Minister of electricity and energy kanchana vijaysikra said that Sri Lanka is unable to make outstanding payments of $725 million to suppliers and is also struggling to open credit lines for future delivery.
“We are struggling to get fuel supplies due to our foreign currency issues and the government is working to handle the current stock of diesel and petrol till June 21,” he told reporters. “We are finding it very difficult to meet the demand and if we don’t cut down on unnecessary travel and stop storing fuel, the stock may run out quickly.”
We are expecting a shipment of petrol in the next three days and two more caches in the next eight days.”
Sri Lanka awaits official confirmation from the Indian government’s Exim bank on the $500 million credit line, which vijesekra said will be used for fuel delivery for the next few weeks.
During the financial crisis, India has been a key supporter and has contributed around $3 billion, including a $1 billion credit line and $400 million in exchange for necessary imports.
Vijesekra said Sri Lanka has approached several countries including Russia to discuss fuel import options, which will supply several months.
The country is also negotiating with the international monetary fund for the bailout package and a lender delegation will arrive in Sri Lanka on June 20.
