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First diesel shipment under Indian Credit Line unloads

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Shri Vaibhavi Logistics

COLOMBO : The unloading of the first diesel consignment, which was received by the country under the Indian Credit Line, begin , Ceylon Petroleum Corporation (CPC) Chairman Sumith Wijesinghe said.

He said that the prevailing queues for fuel would ease in the coming days as the country would receive sufficient fuel stocks under this Indian Credit Line. He said that there would be no fuel shortage (petrol, diesel and kerosene) in the coming weeks.

He said that the country started receiving fuel under the Indian Credit Line from March 13, and a stock of Jet fuel for aviation use was the first to arrive under that facility.

He said the Sapugaskanda Oil Refinery, which stopped operations from yesterday, could resume operations in April as long-term tenders have already been called for crude oil, which is still priced above US$ 100 per barrel in the world market due to the conflict in Ukraine. Several countries have urged OPEC to increase production to bring down the prices.

According to Wijesinghe, the daily demand for diesel had gone up due to heavy excess buying in recent days as some consumers filled up extra cans and barrels. He said a 92-octane petrol ship had unloaded in Muthurajawela and another Jet-A1 ship and a diesel ship in the Colombo Port had started unloading. There are two other diesel ships and a Jet-A1 Ship waiting to unload their stocks in ports.

India is giving a US$ 500 million Credit Line for oil. Another US$ 1 billion Credit Line for food and medicine was also signed recently in India during the visit of Finance Minister Basil Rajapaksa. The diesel fuel stocks now being received will be used for transportation and power generation.

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