Sri Lanka Energy Crisis

Sri Lanka will restrict fuel imports for the next 12 months as it is facing a severe shortage of foreign exchange, Minister of Power and Energy Kanchana Wijesekera has said while announcing a rationing system.

Sri Lanka's Minister of Power and Energy Kanchana Wijesekara on Saturday introduced "National Fuel Pass", a fuel rationing scheme amid the raging economic crisis and shortage of fuel in the island country.

Sri Lanka has less than a day's worth of fuel left, the energy minister said Sunday, with public transport grinding to a halt. He said the petrol reserves in the country were at about 4,000 tonnes.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

Sri Lanka hiked petrol prices by 20%-24% on Tuesday and also increased diesel prices by 35%-38%, Power and Energy Minister Kanchana Wijesekera said.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds.

India has extended its current credit line by a further USD 200 million to replenish Sri Lanka's rapidly depleting fuel stocks, Power and Energy Minister Kanchana Wijesekera said on Monday.

India will provide an additional $500 million in financial assistance to Sri Lanka for it to buy fuel, Sri Lanka's foreign minister told reporters on Wednesday, adding Bangladesh was also willing to postpone a $450 million in swap repayments.

World Bank cut its economic growth forecast for India and South Asia citing worsening supply bottlenecks, rising inflation risks due to Ukraine crisis

Sri Lankan police said on Sunday two men collapsed and died while waiting in separate queues to secure fuel amid sky-rocketing prices leading to record inflation.

India on Tuesday delivered 40,000 metric tonnes of fuel to Sri Lanka to help ease the energy crisis faced by the island nation.

Sri Lanka will restrict fuel imports for the next 12 months as it is facing a severe shortage of foreign exchange, Minister of Power and Energy Kanchana Wijesekera has said while announcing a rationing system.

Sri Lanka's Minister of Power and Energy Kanchana Wijesekara on Saturday introduced "National Fuel Pass", a fuel rationing scheme amid the raging economic crisis and shortage of fuel in the island country.

Sri Lanka has less than a day's worth of fuel left, the energy minister said Sunday, with public transport grinding to a halt. He said the petrol reserves in the country were at about 4,000 tonnes.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis.

Sri Lanka has reached out to several companies suggested by Russia's embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

Sri Lanka hiked petrol prices by 20%-24% on Tuesday and also increased diesel prices by 35%-38%, Power and Energy Minister Kanchana Wijesekera said.

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds.

India has extended its current credit line by a further USD 200 million to replenish Sri Lanka's rapidly depleting fuel stocks, Power and Energy Minister Kanchana Wijesekera said on Monday.

India will provide an additional $500 million in financial assistance to Sri Lanka for it to buy fuel, Sri Lanka's foreign minister told reporters on Wednesday, adding Bangladesh was also willing to postpone a $450 million in swap repayments.

World Bank cut its economic growth forecast for India and South Asia citing worsening supply bottlenecks, rising inflation risks due to Ukraine crisis

Sri Lankan police said on Sunday two men collapsed and died while waiting in separate queues to secure fuel amid sky-rocketing prices leading to record inflation.

India on Tuesday delivered 40,000 metric tonnes of fuel to Sri Lanka to help ease the energy crisis faced by the island nation.