Sri Lanka Crisis | Single Day Of Petrol Left, Diesel Shortage Eased With Help From India: PM Wickremesinghe

Prime Minister of Sri Lanka, Ranil Wickremesinghe said in a televised address that the country has just one day of petrol left in stock.

Drivers are waiting to buy petrol at a petrol station due to the fuel shortage in Colombo on May 16, 2022.

Source : Getty Images

New Delhi: After taking charge as the new Prime Minister of Sri Lanka amid the huge economic crisis, Ranil Wickremesinghe on Monday issued a warning stating that the next two months would be the toughest for the country. He also informed that the country just has only one day of petrol stock left but the diesel shortages will be eased after India provided help on Sunday. He said that under the Indian credit line, two more diesel shipments are due to arrive on the May 18 and June 1 which will resolve teh shortage to some extent.

He said, "The next couple of months will be the most difficult ones of our lives. We must prepare ourselves to make some sacrifices and face the challenges of this period," he said while addressing the nation on the current crisis, according to a PTI report.

"At the moment, we only have petrol stocks for a single day," he said, adding that diesel shortages would be eased thanks to the Indian credit line.

"Due to the diesel shipment that arrived yesterday, the lack of diesel will be resolved to some extent. Under the Indian credit line, two more diesel shipments are due to arrive on the 18th May and 1st June. In addition, two petrol shipments are expected on 18th and 29th May," he said.

"For over 40 days 3 ships with crude oil and furnace oil have been anchored within the maritime zone of Sri Lanka. We are working to obtain dollars in the open market to pay for these shipments," he added.

Power outages to increase in Sri Lanka

He said a quarter of the electricity in Lanka is generated through oil. Therefore, there is a possibility that the daily power outages will increase to 15 hours a day.

"However, we have already obtained money to avert this crisis," he said.

In his first televised address to the nation after becoming the prime minister last week, the 73-year-old United National Party (UNP) leader also said that US dollars will be sourced from open markets to pay for petrol, crude, furnace oil shipments currently in Sri Lankan waters.

Wickremesinghe was appointed as Sri Lanka's 26th prime minister on Thursday as the country was without a government since Monday when prime minister Mahinda Rajapaksa resigned after violence erupted following an attack on the anti-government protesters by his supporters.

"I am undertaking a dangerous challenge... I am wearing shoes with sharp nails that cannot be removed...I am accepting this challenge for our nation. My goal and dedication is not to save an individual, a family, or a party. My objective is to save all the people of this country and the future of our younger generation," Wickremesinghe said.

Wickremesinghe said that at present the Sri Lankan economy is extremely precarious and Colombo must obtain USD 75 million within the next couple of days to ease the current queues for essentials.

Banking System Suffering And Severe Shortage of Medicines

The Prime Minister said the entire local banking system is suffering from dollar shortages.

He said another grave concern is the lack of medicine.

"There is a severe shortage of a number of medicines including medicine required for heart disease as well as surgical equipment. Payments have not been made for four months to suppliers of medicine, medical equipment, and food for patients. The payment owed to them amounts to SLR 34 billion," he said.

The state had been unable to pay for medicine supplies over four months now.

"In the short term, we will have to face an even more difficult time period. There is a possibility that inflation will increase further," he said.

He said he would reluctantly have to permit money printing in order to pay public service salaries. "I have no desire to hide the truth and to lie to the public. Although these facts are unpleasant and terrifying".

He said a relief budget will be introduced to replace the 2022 Development Budget.
(with PTI inputs)