Sri Lanka shuts only oil refineries, which managed the forex crisis in a timely fashion

Sri Lanka shuts only oil refineries, which managed the forex crisis in a timely fashion ...

The energy minister said on Tuesday that Sri Lanka has temporarily shut its own oil refinery, while reducing its foreign exchange reserves, triggering long queues at petrol stations.

The finery, which has capacity of 50 000 barrels a day, has been closed on Monday, according to the minister on the daily meeting of the cabinet.

The refinery will be closed for about half an hour. Sri Lanka has very limited foreign exchange reserves, and we need more food and medicine essentials.

The public will realize that the long lines at fuel stations will stop in a few days when there's no need to panic.

Gammanpila said fuel imports will resume once the government raised sufficient funds but didn't detail the timetable.

As a result of rising inflation and swindling reserves, the government is considering a bailout, said the spokesman of the cabinet and the media minister, Dullas Allahaperuma.

"Cabinet members discussed at length the pros and cons of Sri Lanka going to the International Monetary Fund for support at Monday's meeting but no final decision was reached," he said.

As one of the first nine months of 2021, Sri Lanka invested 792 million in fuel imports, the highest expenditure. Sri Lanka is seeking a credit card to buy India and boost the ethanol dollar, which has dropped to $2.27 billion by the end of October.

The currency crisis broke into the middle of the week and accelerated the foreign exchange crises, the president declared an emergency in August. In addition to the huge supply of food, the prime minister has been resigning to take action.

In the past few weeks, consumers have been flooded with unanswered foods such as cement, milk powder, rice, and cooking gas.

Combined with bad weather, the government decision to ban chemical fertilizer imports has also risen vegetable and fruit prices, with food inflation hitting 12.8% in October.

Our standards are the .

You may also like: