India Sends 270,000 MT Of Petrol, Diesel To Sri Lanka Amid Its Economic Crisis
In addition, on 1 April, the IOC of Lanka supplied 6,000MT of fuel to the Ceylon Electricity Board
Mumbai: India has supplied over 270,000 MT of petrol and diesel to Sri Lanka so far under a credit line to help ease the power crisis amid the country’s worst economic crisis in decades.
“#Indian credit line for fuel at work!!! One consignment each of 36,000 MT petrol and 40,000 MT diesel was delivered to #SriLanka in the last 24 hours. Total supply of various types of fuel under Indian assistance now stands at more than 270,000 MT,” tweeted India High Commission in Colombo.
https://twitter.com/IndiainSL/status/1511700042968567817?s=20&t=hytRZWo1cKHXJwVfH-hMKQ
Last week, Sri Lanka’s Energy Minister Gamini Lokugey was handed over a consignment of 40,000 metric tonnes of diesel under Indian assistance through a $500 million line of credit by the High Commissioner.
In addition, on 1 April, the IOC of Lanka supplied 6,000MT of fuel to the Ceylon Electricity Board.
Sri Lanka is facing a severe economic crisis with a shortage of food and fuel affecting a large number of people in the island nation. The economy has been in a free fall since the start of the Covid-19 pandemic.
The Sri Lankan rupee is falling sharply against the dollar and foreign debt is increasing. The Sri Lankan government’s income has also declined sharply due to the decline in tourism, which has led to gas and fuel shortages, leading to massive power cuts.
India has announced another $1 billion as a credit to Sri Lanka to help shore up the sinking economy of the island nation. The $1 billion lines of credit to Colombo will help in keeping their food prices and fuel costs under check.
Last month Sri Lankan President Gotabaya Rajapaksa met Prime Minister Narendra Modi and briefed him “about the initiatives being taken by the two countries to enhance bilateral economic cooperation, and conveyed his thanks for the support extended by India for the Sri Lankan economy.”
In February, New Delhi provided a short-term loan of $500 million to Colombo for the purchase of petroleum products through the Ministry of Energy and the Ceylon Petroleum Corporation on behalf of the Government of Sri Lanka. In November 2021, India had given 100 tonnes of nano nitrogen liquid fertilisers to Sri Lanka as their government stopped the import of chemical fertilisers.
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