The cabinet has approved a proposal presented by the Minister of Power and Energy to call for applications requesting qualifications to select new entrants to the lubricants market in order to provide the opportunity for high-quality, innovative and competitive products to enter the Sri Lankan market.
The Ceylon Petroleum Statutory Corporation Act No. 28 of 1961 and its accompanying amended provisions have empowered the Minister in charge of Petroleum Resources Development to select new applicants for entry into the lubricating oil industry and grant licenses.
Accordingly, the Minister of Petroleum Resources Development has fully opened the country’s lubricating oil market. Currently, 26 licensed companies, including Ceylon Petroleum Corporation, are engaged in the lubricant industry in Sri Lanka.