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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 (IOC.NS) 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. read more

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.

Source: Reuters

President Ranil Wickremesinghe says Sri Lanka has '6 difficult months ahead' as the island nation attempts to stabilize the economy through agreements with the IMF.

Speaking at a forum organized by the Advocata Institute in Colombo today (05), President Wickremesinghe said that the 'way out' for the country is through the agreements reached with the IMF.

"Although people talk of alternative measures, they have not worked out," the President said, emphasizing that first and foremost, Sri Lanka has to enter into the standby agreement, with the staff level agreement with IMF.

"If any member of Parliament or any party says we are not for the agreement, then we have the right to ask what their solution is. All parties must abide by this agreement," he said.

The Head of State also emphasized that although the situation may be bitter, any medicine for recovery is bitter.

"It is certainly going to be a difficult time. I wont say no. The first six months will be very difficult. It will be a period which we have not seen before but we all have to go through this. If anyone have proposals which will make it easier certainly I think we should hear it and the parliament could then decide on these proposals. otherwise we dont have any other way except to bite the bullet," the President added.

Student Activist Mangala Maddumage was arrested by the Colombo South Crimes Division for violating a court order on Monday (8), said Sri Lanka Pollice.

Sri Lankan wrestler Nethmi Poruthotage today (Aug 05) won a bronze medal in the women’s 57kg freestyle wrestling event at the Commonwealth Games 2022 in Birmingham.

Earlier today, she was defeated by India’s Anshu Malik in the semi-final stage via technical superiority (without any point scored by the opponent).

However, in the bronze medal match, the 18-year-old successfully secured victory over Australia’s Irene Symeonidis by technical superiority.

This is the fourth medal bagged by Sri Lanka’s contingent at Commonweal Games.

Sri Lanka is currently placed 25th in the Medals Table with one silver medal and three bronze medals.

Chief Secretary of the Ceylon Teachers’ Union Joseph Stalin who was remanded has been granted bail as ordered by the Colombo Fort Magistrate Court.

Arrested on August 03 based on the allegation of violating a court order by attending a protest on May 28, the Trade Union leader was remanded after being produced before the Court. Stalin was granted bail as he was produced before the Court today.

St. John’s Ambulance Service which extended first aid services to the Galle Face struggle site withdrew from the premises yesterday.

The ambulance service was available in the protest site to provide first aid for the protesters since beginning and they had vacated the premises following the notice from the Fort Police for the protestors to leave the protest site by 5.00 p.m. today (5). Meanwhile, the protesters were seen removing some of the temporary shelters in the Galle Face protest site following the order by the police on Wednesday and yesterday. However, they reiterated that although they vacated the premises, the struggle to bring the country back to normalcy would not be stopped at any cost.

China's embassy has sought an urgent meeting with senior Sri Lankan authorities after Colombo sought a deferment of the planned docking of a high-tech Chinese research vessel at the strategic Hambantota port over which India raised concerns, sources said.

The Chinese space and satellite tracking research vessel 'Yuan Wang 5' was scheduled to dock at the Hambantota Port from August 11 to 17, weeks after Sri Lanka witnessed a major political turmoil following massive mass protests over the country's worst economic crisis in decades.

A 'third-person' note from Sri Lanka's Foreign Ministry to the Chinese embassy in Colombo dated August 5 says "the ministry wishes to request that the arrival of the vessel Yuan Wang 5 in Hambantota to be deferred until further consultations are made on the matter." The Chinese embassy in Colombo sought an urgent meeting with the higher Sri Lankan authorities to discuss the issue after receiving the note from the Foreign Ministry seeking a delay in the visit, sources here said.

Some Sri Lankan news portals also reported that Sri Lankan President Ranil Wickremesinghe held a closed-door meeting with China's Ambassador Qi Zhenhong after Colombo sought a deferment of the planned docking.

But the President's Office denied the media reports over the meeting.

On July 12, amidst the political turmoil in Sri Lanka, the then government approved the Chinese vessel's docking at the Hambantota port.

The Chinese vessel was expected to dock at the Sri Lankan port for "refuelling and 'replenishment' and will conduct satellite control and research tracking in the northwestern part of the Indian Ocean region through August and September.(PTI)

Sri Lanka's Yupun Abeykoon and Palitha Bandara secured medals in one night for Sri Lanka at the 2022 Commonwealth Gammes.

Yupun Abeykoon won bronze in the men's 100 m finals at the Commonwealth Games 2022 clocking 10.14 seconds. Kenya won Gold and South Africa claimed silver.

Palitha Bandara won the silver medal in the Men's F42-44/61-64 Discus Throw at the Commonwealth Games 2022 recording a distance of 44.20 m.

The price of a domestic gas cylinder will be reduced by more than Rs. 200/-, said Litro Gas.

Its Chairman, Muditha Piris mentioned that the new price will be enforced from midnight tomorrow (08).

Meanwhile, the Chairman said that the Litro Gas had started making profits after two and a half years.

He noted that the company has returned to profitability from July.

Meanwhile, Litro Gas said that another ship carrying 3,800 metric tons of gas is scheduled to arrive in the island tomorrow night (08).

The Public Utilities Commission of Sri Lanka (PUCSL) says no power cuts will be implemented for tomorrow (6) and the day after (7).

The power cut for today (5) will only be imposed for one hour, PUCSL said.

United Nations Secretary General Antonio Guterres has congratulated President Ranil Wickremesinghe.

Issuing a special congratulatory message to the President earlier this week, the General Secretary has said that the leadership of President Ranil Wickremesinghe will be crucial for building a favorable environment and stability to overcome the current challenges that the country is facing.

The UN Secretary General acknowledged the President’s commitment to forge a consensus among all political parties in formulating a national strategy to address these challenges.

He also encouraged dialogue among all stakeholders, including consultation with the public, while ensuring a respect for the rule of law and basic human rights principles.

Furthermore, the UN extended its support in recognizing Sri Lanka’s efforts towards women’s political participation and encouraged the President’s leadership to accelerate progress.

The UN highlighted that it is ready to support the government and people of Sri Lanka in meeting their immediate and long-term needs and added that it is looking forward to building peace, sustainable development and promoting human rights for all Sri Lankans.

Sri Lankan President Ranil Wickremesinghe said that he would establish an office to protect the peaceful protesters and support them.

"I will not allow any kind of prejudice to the peaceful activists," said the President while noting that some groups are trying to spread huge propaganda through social media that he is hunting down the protesters, which is not true.

If any injustice occurs to a peaceful activist, that person can call the 24-hour dedicated line and file a complaint, he said while adding that a Committee headed by a retired judge will examine the complaints and take necessary measures, accordingly.

If there are individuals who have participated in such illegal activities either unknowingly or due to the influence of others, a plan will be prepared to act sympathetically towards them.

"However, if there are individuals who intentionally violate the law and engage in violent and terrorist acts, legal action will be taken against them. I will not allow anyone to act outside the law. The law is the same for you, me, and everyone," said the President.

The law will be applied equally to the people who attacked the peaceful protesters on 09th May and those who are engaging in violence and terrorism under the guise of the struggle. "I will ensure that there is no political intervention in this process," he added.

"The struggle that started all over Colombo expecting system change was later centralized in Galle Face. This was expanded to several major cities in the island. This struggle was conducted on a non-violent basis and creative manner. These activists did not commit any act of violence. Therefore, families joined the struggle to express their protests. Parents were not afraid to even bring children to the places of protest," he commented on the original protests dating back to April 2022.

"Protesters once digitally illuminated the walls of the Presidential Secretariat, without any harm. Although, later this non-violence was suppressed and violence emerged, with certain politicized groups that became stakeholders. By indulging in violence the protests turned towards terrorism," he noted.

The President said he will not allow violence and terrorism. However, will protect non-violence and democracy. The peaceful struggle is a fundamental right. I accept those rights, he noted.