What is Fuel Availability in Sri Lanka App

In the midst of Sri Lanka’s petroleum crisis, the government proclaimed Friday a holiday for governmental offices and schools in order to reduce vehicular traffic, leaving many highways in and around the city of Colombo desolate.

Sri Lanka’s economy is about to come to a stop because the island nation, which is going through its worst financial crisis yet, is running out of fuel for transportation and isn’t likely to get any more in the near future.

To reduce vehicular travel, the government proclaimed Friday a vacation for governmental offices and schools, leaving many roads in and around Colombo vacant. While drivers wait for gas stations to restock, thousands of cars are parked in long lines that stretch for kilometers.

The Minister of Power and Energy, Kanchana Wijesekera, said on Thursday that the Ceylon Petroleum Corporation, which is owned by the government, has not received contracts for new fuel stockpiles because suppliers were put off by not getting paid.

Wijesekera says that the South Asian country has asked for supplies from a number of companies and countries, including Russia, and is waiting for approval from India for a new $500 million credit line to buy oil.

For the past few months, protests have erupted across Sri Lanka, calling for President Gotabaya Rajapaksa and his family to be removed from office. People have criticised the clan for making decisions that have caused fuel and medicine shortages, nearly 40% inflation, 13-hour power outages every day, and a record debt default.

According to Prime Minister Ranil Wickremesinghe, the country will require around $6 billion in help from the International Monetary Fund and nations such as India and China to get through the next six months. Local governments are hoping to speed up bailout discussions with the IMF in order to get additional funds.

Public demonstrations, political instability, high commodity prices, and supply-chain snarls all contributed to Sri Lanka’s GDP contracting in the first quarter. A recession is unavoidable this year, according to Bloomberg Economics.

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