Indian Oil Corp Unit To Open 50 Fuel Stations In Sri Lanka To Help Alleviate Crisis


Sri Lanka has given approval for India's Lanka Indian Oil Corporation (LIOC) to open 50 new fuel stations, a company official said on Monday, as part of efforts to reduce severe shortages that have crippled the island nation.
Sri Lanka is caught in its worst financial crisis in more than 70 years as a shortage of foreign exchange has left it struggling to pay for essential imports of food, medicine and, critically, fuel.
LIOC, the smaller player in the island's fuel supply duopoly, already has 216 fuel stations and will invest about 2 billion rupees ($5.5 million) on the expansion, its Managing Director Manoj Gupta told Reuters.
LIOC is a subsidiary of India's Indian Oil Corporation and is listed on the Colombo Stock Exchange.
"We have been trying for some time to get this approval and we are more than willing to come forward and play a larger role to support and work with Sri Lanka to resolve its challenges," Gupta said.
The country's largest fuel retailer, state-run Ceylon Petroleum Corporation (CPC), operates around 1,190 fuel stations.
LIOC's retail expansion follows a separate agreement signed in December to gain control of 75 oil tanks in a strategically important storage facility near Sri Lanka's eastern port of Trincomalee.
The company has also stepped up supplies to CPC in the last two months after Sri Lanka ran short of dollars to pay for shipments, forcing consumers to wait in long queues, sometimes for days.
India has poured about $4 billion into its southern neighbour this year to prop up the economy, including swaps and multiple credit lines to purchase fuel, food and fertilizer.
Sri Lanka is also in discussions with the International Monetary Fund (IMF) for a possible $3 billion bailout package, besides seeking assistance from China and Japan.
Related News
Latest Cars
- Maruti Suzuki
VictorisExpected Price₹‚¹ 10.5 - 19.99 Lakh - VinFast
VF6Expected Price₹‚¹ 16.49 - 18.29 Lakh - VinFast
VF7Expected Price₹‚¹ 20.89 - 25.49 Lakh - Citroen
Basalt XExpected Price₹‚¹ 7.95 - 11.63 Lakh - Mercedes-AMG
CLE 53Expected Price₹‚¹ 1.35 Crore - Renault
TriberExpected Price₹‚¹ 6.3 - 9.4 Lakh - MG
M9 EVExpected Price₹‚¹ 69.9 Lakh - BMW
2 Series Gran CoupeExpected Price₹‚¹ 45.3 - 47.2 Lakh - Kia
Carens Clavis EVExpected Price₹‚¹ 17.99 - 24.49 Lakh - Tesla
Model YExpected Price₹‚¹ 59.89 - 67.89 Lakh
Upcoming Cars
Trending News
Latest News
- car&bike Team | Sep 21, 2025Aprilia SR 175: In PicturesThe new Aprilia SR 175 replaces the SR 160, offering a larger engine, fresh features, and new colour options while retaining its familiar design and chassis.1 mins
- car&bike Team | Sep 20, 2025BMW G 310 RR Limited Edition Teased Ahead Of LaunchThe upcoming special edition of the G 310 RR will be limited to just 310 units.1 mins
- car&bike Team | Sep 20, 2025GST 2.0: Keeway, Zontes And QJ Motor Two-Wheelers Prices RevisedThe GST 2.0 price reshuffle continues with Keeway, Zontes and QJ Motor bikes getting more affordable, while Benelli models will cost more.2 mins
- car&bike Team | Sep 20, 2025New Hyundai Venue N-Line Spotted Testing In India Ahead Of October DebutHyundai has been extensively testing the new Venue in India over the past year, with the model to debut in October.2 mins
- car&bike Team | Sep 20, 2025Royal Enfield 350 Motorcycle Range To Be Available On Flipkart From Sept 22Under the partnership, buyers in five cities will be able to purchase their preferred 350 cc Royal Enfield motorcycle via the e-commerce platform.2 mins
- car&bike Team | Sep 20, 2025GST 2.0 Effect: Jeep India Announces Revised Prices For SUV Range; Prices Cut By Up To Rs 4.84 LakhThe Jeep India range is priced from Rs 17.73 lakh (ex-showroom) for the entry Compass, down from Rs 18.99 lakh (ex-showroom) pre-GST 2.0.1 mins