Despite the fuel usage regulatory measures currently implemented by the government, there has been no significant reduction in the country’s fuel import bill, according to Central Bank Governor Dr. Nandalal Weerasinghe.
He stressed that Sri Lanka’s import expenditure has increased sharply due to rising global fuel prices following the escalation of the Middle East conflict. Although the government has introduced measures such as the QR-based fuel quota system and fuel price increases to control consumption, the monthly fuel import bill has remained above USD 800 million over the past several months.
Speaking on the Derana TV 360 programme, Dr. Weerasinghe said that the high fuel import costs have contributed to a deficit in Sri Lanka’s external account.
He further noted that Sri Lanka cannot rapidly increase its foreign exchange earnings through exports in the short term, making it essential to rationally manage petroleum consumption.
Dr. Weerasinghe also criticised shortcomings in the implementation of the QR fuel quota system. He pointed out that at some fuel stations, vehicle owners are able to obtain fuel using QR codes not linked to their own vehicles.
“The QR system should be properly regulated and strictly enforced,” he said.
