Cabinet nod to open up lubricant oil market, select new entrants

The Cabinet of Ministers at its meeting on Monday approved to opening up of the lubricant oil market and the selection of entrants to offer competitive prices. 

The proposal to market high-quality, innovative products and allow consumers to have the opportunity to buy lubricants at a more competitive price submitted by Power and Energy Minister Kanchana Wijesekera was approved by the Cabinet of Ministers.

At present, 26 licensed companies including Ceylon Petroleum Corporation are engaged in the lubricant industry in Sri Lanka.

The Ceylon Petroleum Corporation Act (No. 28 of 1961) and its accompanying amended provisions have empowered the Minister in charge of Petroleum Resources Development to select new applicants for entry into the lubricant industry and to grant licenses accordingly.

“Petroleum Resources Development Minister has fully opened the country’s lubricants oil market,” the statement issued by the Government noted.