Udaya gammanpila, Minister of Energy of Sri Lanka

Colombo, Oct 17 Sri Lanka will obtain $500 million loan facility from India amidst a warning by the Ceylon Petroleum Corporation (CPC), the government's cash-strapped fuel supplier, that the supply could only be guaranteed till January 2022.The entire loan amount will be used to import necessary fuel supplies specially petrol and diesel."We are planning to get this loan urgently so that we could keep the supply of fuel to the country," CPC Chairman Sumith Wijesinghe told the media, adding that the Indian High Commission in Colombo has made a special intervention to get the loan expedited.The agreement on this is to be signed between the Energy Ministry secretaries of the two countries.The loan facility was agreed in the backdrop of Energy Minister Udaya Gammanpila has cautioned the Finance Ministry about the CPC's dire financial crisis.The Minister who has said that the importation could be hampered if a quick solution was not given and has suggested tax slashes for imports and price revision as immediate solution to the crisis.He also has warned that if India-run Lanka Indian Oil Company (LIOC) increase prices there would be high demand for CPC to supply fuel increasing the losses and aggravating the crisis.So far, the CPC has suffered over $410 million losses this year and it is predicted that the loss could be over $590 million by the end of 2021.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Udaya GammanpilaFOLLOW

Udaya gammanpila, Latest News

Politics :Amid violent protests, SL President urged to dissolve cabinet, form interim govt

Colombo, April 1 Following violent protests near Sri Lanka President Gotabaya Rajapaksa's house on Thursday night, 11 government-affiliated ... ...

International :Sri Lanka: Prices of essential commodities rise following currency devaluation

The prices of a number of essential commodities including fuel and wheat increased significantly on Friday following Sri Lanka's decision to relax the controls over the value of the Sri Lankan rupee, local media reported. ...

Politics :IOC to pump fuel directly to Lanka's electricity supplier

Colombo, Jan 25 Indian Oil Corporation (IOC) will provide fuel directly to state-run electricity provider Ceylon Electricity Board ... ...

International :SL to lease 14 oil tanks in strategic Trincomalee port to IOC

Colombo, Dec 31 Sri Lanka is set to lease 14 of the 99 oil tanks in its strategic ... ...

International :SL to obtain $500mn loan from India to keep fuel supply continue

Colombo, Oct 17 Sri Lanka will obtain $500 million loan facility from India amidst a warning by the ... ...