Lanka to purchase petroleum products at favourable prices

Asela Kuruluwansa

Petroleum Industries Minister Susil Premajayantha said he would try to purchase petroleum products at prices favourable to Sri Lanka by entering into long-term agreements with producers by eliminating intermediaries.

He said President Malinda Rajapaksa has already initiated this process during his recent visit to the Russian Federation.

Premajayantha said this when he called on the Malwatte and Asgiriya prelates in Kandy and received their blessings Saturday after assuming duties at his new Ministry. The Minister said he also hoped to administer the affairs of his Ministry through proper management techniques and catering to the welfare of employees through friendly industrial relations with the Trade Unions.

He said he would also take measures to increase the capacity of petroleum refineries and expedite oil perfecting work in and around the Mannar basin.

Unless Sri Lanka found its own oil it had no power to influence the fluctuations of oil prices in the international market, the Minister said. Minister Premajayantha also visited the Sri Dalada Maligawa and paid homage to the sacred Tooth Relic.