US $ 500 million Indian Credit line for fuel to be exhausted by April end

8 April 2022 07:24 am Views - 375

• 120,000 tonnes of diesel, 35,000 tonnes of petrol expected to arrive this month will be over by end april
• Discussions underway to increase the facility 
• Or else, Sri Lanka can reuse it once payments are settled for the purchases already made

 By Kelum Bandara 

The US $ 500 million Indian credit line for fuel will almost be exhausted after another 120,000 tonnes of diesel and 35,000 tonnes of petrol is delivered to Sri Lanka during the remaining period of this month, Daily Mirror learns. 

The next stock of 40,000 tonnes of diesel will be dispatched on April 15. Besides, arrangements are in process to send another similar consignment on April 18. An informed source said Sri Lanka will receive a similar quantity of diesel on April 23.  

In addition, the stock of petrol will be sent on April 22. India has offered US $ 500 million credit line for the purchase of fuel from Indian Oil Company. Once these consignments are delivered, US $ 468 million will be exhausted.  

Earlier, Sri Lanka received 80,868 tonnes of diesel and under the same facility 66,485 tonnes of petrol from India.   
There are negotiations going on currently to increase the credit facility. Or else, Sri Lanka can reuse it once payments are settled for the purchases already made.    

 

• The stock of petrol will be sent on April 22
• India has offered US $ 500 million credit line for the purchase of fuel from Indian Oil Company