Tuesday, December 6, 2022

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IOC confesses it too suffers from fuel crisis

Lanka Indian Oil stated that the company itself is facing a serious fuel crisis, same as the Ceylon Petroleum Corporation, due to the letters of credit (LCs) not being opened amidst the dollar deficit. As a result, the issuance of fuel to the companies operating under the IOC has also gone into crisis, it added.

The company made this observation in response to the statement made by the Power Minister that the Ceylon Electricity Board (CEB), which is suffering from a fuel crisis, was hoping to obtain fuel for power generation through the IOC.

The IOC further noted that the company’s priority at the moment is to supply oil stocks for gas stations operating under it and that it has no capacity at present to supply oil for power generation.

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