Ceylon Petroleum Corporation (CPC), a fuel supplier with tight government funds, warned that the supply can only be guaranteed until January 2022, Sri Lanka will receive a US$500 million loan from India. The entire loan amount will be used to import the necessary fuel supplies, especially gasoline and diesel. CCP Chairman Sumit Vijay Singh told the media: “We are planning to obtain this loan urgently so that we can maintain the fuel supply to the country,” adding that the Indian High Commission in Colombo has made special interventions. To speed up the loan rate.

The agreement in this regard will be signed by the ministers of energy of the two countries. The Minister has said that if a quick solution is not provided, imports may be hindered, and suggested tax cuts and price adjustments on imports as a direct solution to the crisis. Keywords: international engineering news, foreign engineering project information

He also said that if the Indian-operated Lanka Indian Oil Company (LIOC) raises prices, it will increase the demand for CPC to supply fuel, thereby increasing losses and exacerbating the crisis. So far, CPC has suffered more than 410 million U.S. dollars in losses in 2021, and it is estimated that by the end of 2021, the losses may exceed 590 million U.S. dollars.Editor/Baohongying