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Fuel to be purchased on a concessionary basis

Oct 31, 2010 6:36:46 AM - itnnews.lk

The Sri Lankan Government is holding talks with Iraq and Saudi Arabia for the purchase of fuel on a concessionary basis.

There was an increasing trend in the price of fuel as a result of purchases being made from the Open Market. The Government has taken a decision to make direct purchases from oil producing countries and pass on its benefits to the people. Accordingly talks with Iraq and Saudi Arabia have commenced. The Ministry of Petroleum Industries is confident that the talks may be fruitful. Sri Lanka at present makes purchases from the Open Market in Singapore. As a result the Ministry said that the savings which could have been made were distributed among the middlemen.