Sri Lanka has achieved a milestone in its energy sector, earning $3 million in revenue from the sale of 5,200 metric tons of fuel through its revived bunkering system for vessels, announced State Minister of Power and Energy, D.V. Chanaka.
Speaking to reporters on Thursday, February 8th, Chanaka emphasized the significance of this achievement in stabilizing the country’s energy finances. He highlighted the establishment of a $200 million buffer stock as a proactive measure to address future economic fluctuations and ensure energy security.
Chanaka noted that Sri Lanka currently boasts its largest oil reserves in recent history, indicating a substantial improvement in fuel security and preparedness.
The official also expressed optimism regarding potential reductions in fuel prices post-March, contingent upon the absence of unforeseen events or significant depreciation in the local currency, the rupee.
This development underscores Sri Lanka’s commitment to enhancing its energy infrastructure and fostering a more resilient and sustainable energy sector.