Minister of Petroleum Resources Development Chandima Weerakkody is optimistic that the price of lubricants can be reduced in the future by 25%.
Addressing a news conference in Colombo, the Minister said that action will be initiated to grant this relief with the launch of the Lubricants business in affiliation to the Ceylon Petroleum Corporation.
The Minister said lubricants were the most profitable venture in the petroleum sector. The lubricants were imported and sold at a higher price for many years without engaging in this business. They had faced an issue of setting up their own plant. The only thing that they could do in conformity to the regulations prevailing in the country is to get an investment under the BOT system and supply lubricants. They will be embarking on a project in affiliation to the Petroleum Corporation with an investment of US$13 million.