Sri Lanka to buy fuel from Indian Oil to tide over Energy Crisis

Sri Lanka is going to great energy crisis. To combat this crisis the country has chosen to buy 40,000 metric tonnes of petrol and diesel from Indian Oil Corporation, as per Sri Lanka Import Data. Indian oil has been operating in Sri Lanka since 2002.

The Ministry of energy of Sri Lanka has considered purchasing 40,000 metric tonnes of diesel and 40,000 metric tonnes of gasoline with the IOC. As per India Import Data, the Indian Oil Corporation has agreed to supply shipment of 40,000 metric tonnes of diesel.

Sri Lanka is currently experiencing a severe foreign exchange crisis as it reserves continue to deplete. Due of money scarcity to pay for imports, the country is experiencing a shortage of practically all essentials. Power cuts are imposed during peak hours due to lack of fuel to drive turbines by state power agency.

As the electricity board has large unpaid bills, the state fuel entity has halted oil derivatives. Due to lack of funds to pay for crude imports in dollars only refinery in the country was shut down. The Indian government announced a US$1 billion aid package used to avert a food crisis while allowing items and medicines to be imported.

As per Sri Lanka Export Data, US$ 500 million will be set aside for fuel imports from India. Last year the country experienced an island-wide power outage for over five hour, amid persisting fear of fuel crisis and a shortage of LPG cylinders.

The outage was due to failure of a key transmission line. The abrupt power cut across the country disrupted water supply in many areas. Many restaurant and retail stores remained shut all through the day because of power outage.

With high foreign debt, low foreign reserves and long term impact of the pandemic Covid-19, the country has run out of money to purchase fuel and is teetering on the brink of full-blown, daily power outages that could greatly hamper income generating and academic activities.

The ongoing power outage of Sri Lanka is because of various reasons that include a shortage in fuel, and furnace oil supply to the CEB’s thermal generation plants by the Ceylon Petroleum Corporation amid a forex shortage for imports and insufficient water levels at reservoirs for hydro generation and above all the breakdown at Norochcholai coal power plant.

The Sapugaskanda power plant is completely shut down because of lack of furnace oil. Because of lack of foreign reserves, the country is facing difficulties in obtaining furnace oil and fuel for generation of power as well as for daily transport and other consumption of country.

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