Sri Lanka is set to enhance the enforcement of its fuel QR quota system as the country’s expenditure on fuel imports surged to an alarming 524 million US dollars in May, according to Energy Minister Anura Karunathilaka. This decision comes as the nation grapples with an economic crisis and rising global fuel prices, prompting a need to curb consumption.
The minister revealed that the country’s fuel import costs were significantly lower earlier in the year, with expenditures recorded at 186 million US dollars in January and 97 million US dollars in February. However, this figure escalated dramatically in May.
Despite the implementation of the QR code and fuel quota systems, which have contributed to reducing consumption, the results are still insufficient to achieve national objectives, Karunathilaka informed reporters following the Vesak holiday. This period typically sees increased travel as many Sri Lankans enjoy the festive atmosphere, leading to heavy traffic.
“If we do not take immediate action to reduce consumption and address the outflow of dollars, we risk not only further increasing fuel prices but also triggering a severe negative impact on the broader economy,” Karunathilaka cautioned. He emphasized that the current rate of foreign exchange outflow is untenable for the nation’s financial health.
The Ceylon Petroleum Corporation (CPC), in conjunction with the Ministry of Digital Infrastructure, will enforce the QR quota system rigorously, as stated by the minister. The government’s goal is to decrease fuel consumption to alleviate the significant economic pressure facing the country.
