Fuel supply uncertain after middle of next month: CBSL Governor
Despite the fuel stocks received by the ships that have been paid for being manageable until the middle of next month, the purchase of fuel from then on could be uncertain, confessed Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe speaking to Hiru TV.
“Speaking of fuel, actually we need at least US $350 – 400 million per month for vehicles alone (without electricity). With electricity, US $550 million. S0, allocating US $500 million (because our reserves are at a very low level) we may need the help of India or China, for it is the only way. If so, we may be able to solve this matter very easily. Nevertheless, now the situation is uncertain whether we will receive it. We have made a request, but it is still uncertain. If that happens, the worse case scenario is that we may not receive any. If we receive nothing, we may have used up our reserves. By the middle of next month, the fuel which we have paid for may arrive. Beyond the point, it is uncertain how to locate fuel for next month.”
Q: According to the current situation, how long have the fuel ships been paid without any problems?
“We have paid for three diesel ships and two petrol ships. They are to arrive as they have been paid. Those are the ones that arrive these days.”
“There was no fuel in the last few days, wasn’t it? Now, the diesel and petrol are arriving. We have paid the amounts we receive. These stocks may suffice – but not fully. The deficit will remain until the early days of next month.”