{"id":134828,"date":"2023-06-06T16:12:17","date_gmt":"2023-06-06T23:12:17","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=134828"},"modified":"2023-06-06T16:12:17","modified_gmt":"2023-06-06T23:12:17","slug":"fixed-range-for-fuel-price-as-sinopec-enters","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/06\/06\/fixed-range-for-fuel-price-as-sinopec-enters\/","title":{"rendered":"Fixed range for fuel price as Sinopec enters"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy The Daily Mirror<\/em><\/span><\/h2>\n\n\n<p>The government will introduce a floor and ceiling price for fuel with the launch of business operations by Sinopec, a leading international petroleum company, in the country shortly, a top source said.<\/p>\n\n\n\n<p>Sinopec has already signed the agreement to distribute fuel in Sri Lanka. Sinopec will be allocated 150-dealer operated fuel stations in the country. Besides, two other foreign fuel companies will be allowed to operate in the country later. Currently, the state-owned Ceylon Petroleum Corporation and Lanka Indian Oil Company are the only fuel distributors in the country.<\/p>\n\n\n\n<p>A government source told Daily Mirror on condition of anonymity that a floor and ceiling rate would be introduced according to a pricing formula in the future once these foreign companies start operations.<\/p>\n\n\n\n<p>The companies are required to be competitive within the stipulated limit. We cannot expect a drastic price reduction soon, though,\u201d the source said.<\/p>\n\n\n\n<p>The source also said the government will also move away from the QR code system introduced for rationing fuel trade soon.<\/p>\n\n\n\n<p>We will gradually do away with the QR code system,\u201d the source said.<\/p>\n\n\n\n<p>Meanwhile, RM Parks-Shell will start fuel trade in Sri Lanka after signing the agreement on June 8. In the world market fuel prices are likely to rise because Saudi Arabia as a key oil supplier, has decided to curtail supplies.&nbsp;<strong>(Kelum Bandara)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy The Daily Mirror The government will introduce a floor and ceiling price for fuel with the launch of business operations by Sinopec, a leading international petroleum company, in the country shortly, a top source said. Sinopec has already signed the agreement to distribute fuel in Sri Lanka. Sinopec will be allocated 150-dealer operated fuel [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,6],"tags":[],"class_list":["post-134828","post","type-post","status-publish","format-standard","hentry","category-business","category-politics"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/134828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=134828"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/134828\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=134828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=134828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=134828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}