October 16, Colombo (LNW): In response to the increasing fuel prices and economic challenges faced by Sri Lanka’s fishing industry, the government has announced a fuel subsidy aimed at providing relief to fishermen. The decision, made during the Cabinet meeting on Monday evening at the Presidential Secretariat, will support fishing vessel owners by subsidizing fuel costs for both diesel and kerosene.
Under the scheme, vessel owners will receive an allowance of Rs. 25 per liter of diesel, capped at a maximum of Rs. 300,000 per month. For those using kerosene, an allowance of Rs. 25 per liter will be provided, limited to 15 liters per day for up to 25 working days per month. The subsidy ensures that fishermen receive a 7.5 percent concession on the market value for diesel and a 12.5 percent concession on kerosene.
The programme, set to begin on October 1, 2024, will be in effect for six months and is subject to price revisions based on the fuel price formula. The subsidies aim to alleviate the financial strain on small and medium-scale fishermen who have been severely impacted by fluctuating fuel costs, ensuring the continuity of the country’s vital fishing operations.
Approval of the subsidy is contingent on the Election Commission’s consent, and the Cabinet of Ministers has backed the proposal presented by President Anura Dissanayake, who also serves as the Minister of Agriculture, Land, Livestock, Irrigation, Fisheries, and Water Resources. This measure comes after a prior decision to address the adverse effects of fuel price hikes on the fishing industry, which had yet to be implemented.
