Lanka Indian Oil Corporation (LIOC), a subsidiary of Indian Oil Corporation in Sri Lanka, is set to open 50 new fuel stations in the cash-strapped country as it battles an acute energy crisis.
With 1,190 stations across the country, Ceylon Petroleum Corporation (CPC) is the main player. At present, LIOC owns more than 200 stations in the island nation. It is now planning to pump in $5.5 million to support its expansion plans.
In a bid to streamline distribution of fuel, last month Colombo implemented a QR code system at all gas stations in the country.
Sri Lanka’s President Ranil Wickremesinghe has now initiated negotiations with the International Monetary Fund (IMF) for a rescue package.
Wickremesinghe has warned that the country’s economic crisis would continue for at least one more year. He also said that Sri Lanka will have to focus on new sectors including logistics and nuclear energy.
“More you have more energy you can sell to India, at the same time keep more renewable energy available. We have to think outside the box,” he said.
Home to 22 million people, Sri Lanka, hit by unprecedented shortage of food and fuel, is going through one of the toughest phases since its independence.
For Wickremesinghe and his team the most critical challenge is to revive the country's bankrupt economy.