The first fuel shipment from China’s Sinopec, which signed a contract to enter the Sri Lankan fuel market, will arrive in the country early next month, State Minister of Power and Energy D. V. Chanaka stated.
Meanwhile, steps will be taken to replace the fuel price formula with a maximum retail price, thereby creating fuel competitiveness that benefits the country, State Minister D. V. Chanaka said.
He assured that a Maximum Retail Price (MRP) would be stipulated by the
Government to all fuel companies under the price formula from August.
The State Minister also said that it is expected to take a decision regarding the QR code after discussing it with all parties in the future.
He expressed these views today (23) during a press conference themed ‘Collective Path to a Stable Country’ held at the Presidential Media Centre (PMC).

Chanaka said the Ministry of Power and Energy was one of the hardest-hit ministries during the country’s economic crisis. There was an era of oil queues. After President Ranil Wickremesinghe took office, Minister Kanchana Wijesekera took up the challenge of solving the fuel crisis.
There were no dollars in the country at that time. Only two of the 28 fuel suppliers registered with the Ceylon Petroleum Corporation offered to provide fuel to the
country. Such was the situation then.
The country’s dollar reserves began to stabilise thanks to President Ranil Wickremesinghe’s sound economic policy. On the other hand, in accordance with Minister Kanchana’s management strategy, it was possible to supply fuel to customers in accordance with the quantity of dollars available in the country by using the QR code. The fuel lines started to
shorten two or three days after the QR code was implemented. The percentage of fuel
delivered by QR code is currently being gradually increased.
As the State Minister, Minister Kanchana assigned me four key duties, including ensuring a consistent flow of fuel and boosting competitiveness. It was decided to establish a fuel procurement programme for a year rather than just a few months in order to ensure a steady supply of fuel.