Mar 09, 2011 (LBO) – Sri Lanka’s Nawaloka ABC Petroleum, which entered the lubricant market recently, says the price-driven lubricant market is shifting towards quality and growing after a slowdown.
With the increase of vehicles in the local market due to tax cuts we see that consumers are more into performance and quality-based product, said Sanjay Benjamin, general manager, Nawaloka ABC Petroleum, a unit of Nawaloka Holdings.
The Sri Lankan market is price driven but we see a shift towards quality and performance in the near future.
The total value of the local lubricant market is about 11 billion rupees. The market is growing at 6-7 percent with the automobile lubricant market growing at five percent.
Nawaloka ABC Petroleum entered the lubricant market following a tie up with Total Oil, a French multi-national oil company that is operating in over 130 countries.
We commenced operations in September 2010 in the western province and have now moved into the Central, Eastern provinces and parts of the Sabaragamuwa province, Benjamin said.
We hope to cover the whole island by the end of this year and see huge demand in the North and Eastern markets