Press briefing of Cabinet Decision taken on 2023-01-09

Liberalization of the Sri Lankan Lubricant Market and Selection of New Entrants

- The Minister in charge of the subject of Petroleum Resources Development has been vested with powers by the Ceylon Petroleum Corporation Act, No. 28 of 1961 and its subsequent amended provisions to select new applicants anticipating to enter to the lubricant oil industry and grant licenses in line with that. Accordingly, the Minister in charge of Petroleum Resources Development has fully opened the lubricant oil market of the country. At present, 26 licensed institutions including the Ceylon Petroleum Corporation are engaged in the lubricant oil industry. As such, the proposal made by the Minister of Power and Energy to call for Request for Qualifications for the selection of new entrants to the Lubricant Market of Sri Lanka enabling to provide the opportunity for the high quality, innovative and competitive products to be entered to the domestic market providing the opportunity to the consumers to purchase lubricants at competitive prices, was approved by the Cabinet.