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Sri Lanka gets 40,000 tonnes of fuel from India… but immediately requests more

Despite a 40,000 metric tonne consignment of petrol having arrived in Sri Lanka under an Indian credit facility just yesterday, the country’s cabinet has cleared a proposal to seek a further US$500 million from New Delhi for more.

The 40,000 MT shipment is one of at least four fuel shipments from India that have currently been agreed under a fuel credit line. The line was extended by US$200 million dollars, with three shipments having arrived so far.

"Commitment delivered!" tweeted the Indian High Commission in Sri Lanka.

But the arrivals have done little to relieve soaring fuel prices and gruelling fuel queues on the island. Earlier today, Sri Lanka’s Power and Energy Minister Kanchana Wijesekera said his government would seek a further US$500 million credit line from the   Exim Bank of India.

It had already received US$500 million dollars from the Exim Bank of India and US$ 200 million from the State Bank of India, he admitted.

Read more from EconomyNext here.

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