financetom
Economy
financetom
/
Economy
/
Newly-appointed Sri Lankan PM Ranil Wickremesinghe warns the country's petrol supply is running out
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Newly-appointed Sri Lankan PM Ranil Wickremesinghe warns the country's petrol supply is running out
May 16, 2022 11:40 AM

Sri Lanka’s new prime minister said on Monday the crisis-hit nation was down to its last day of petrol, as the country’s power minister told citizens not to join the lengthy fuel queues that have galvanised weeks of anti-government protests.

Ranil Wickremesinghe, appointed prime minister on Thursday, said in an address to the nation the country urgently needed $75 million in foreign exchange to pay for essential imports.

”At the moment, we only have petrol stocks for a single day. The next couple of months will be the most difficult ones of our lives,” he said.

”We must prepare ourselves to make some sacrifices and face the challenges of this period.”

Two shipments of petrol and two of diesel using an Indian credit line could provide relief in the next few days, he added, but the country is also facing a shortage of 14 essential medicines.

Also read:

Can Ranil Wickremesinghe get Sri Lanka out of economic crisis? Here’s what former cricketer Arjuna Ranatunga has to say

The crisis led to widespread protests against President Gotabaya Rajapaksa and his family, culminating in the resignation of his elder brother Mahinda as prime minister last week after fighting between government supporters and protesters killed 9 people and wounded 300.

DESPERATE BID

The president replaced him with Wickremesinghe, an opposition parliamentarian who has held the post five times previously, in a desperate bid to placate protesters.

But the protesters have said they will keep up their campaign as long as Gotabaya Rajapaksa remains president. They have also labelled Wickremesinghe a stooge and criticised his appointment of four cabinet ministers, all members of the political party run by the Rajapaksa brothers.

Wickremesinghe said on Monday he took the role for the good of the country.

In Colombo, the commercial capital, long queues of auto rickshaws, the most popular means of transport in the city, lined up at gas stations in a fruitless wait for fuel.

”I have been in the queue for more than six hours,” said one driver, Mohammad Ali. ”We spend almost six to seven hours in the line just to get petrol.”

Another driver, Mohammad Naushad, said the gas station he was waiting at had run out of fuel.

Also read: Former Sri Lankan PM Mahinda Rajapaksa and 16 others barred from travelling abroad: Sri Lankan court

”We’ve been here since 7-8 a.m. in the morning and it is still not clear if they will have fuel or not,” he said. ”When will it come, no one knows. Is there any point in our waiting here, we also don’t know.”

Hit hard by the COVID-19 pandemic, rising oil prices and populist tax cuts by the Rajapaksas, the strategic Indian Ocean island nation, where China and India are battling for influence, is in the midst of a crisis unparalleled since its independence in 1948.

A chronic foreign exchange shortage has led to rampant inflation and shortages of medicine, fuel and other essentials, bringing thousands out on the streets in protest.

A diesel shipment using an Indian credit line arrived in the country on Sunday, but is yet to be distributed across the island.

”Request the public not to queue up or top up in the next three days until the 1,190 fuel station deliveries have been completed,” Power Minister Kanchana Wijesekera said on Monday.

Wickremesinghe is yet to announce key ministers including the crucial post of finance minister, who will negotiate with the International Monetary Fund for badly needed financial help for the country.

Former Finance Minister Ali Sabry had held preliminary talks with the multilateral lender, but he quit along with Mahinda Rajapaksa last week.

Also read: United National Party leader Ranil Wickremesinghe sworn in as new Sri Lanka Prime Minister

(Edited by : Anand Singha)

First Published:May 16, 2022 8:40 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Supreme Court to decide legality of Trump's tariffs
US Supreme Court to decide legality of Trump's tariffs
Sep 9, 2025
(Reuters) -The U.S. Supreme Court agreed on Tuesday to decide the legality of Donald Trump's sweeping global tariffs, setting up a major test of one of the Republican president's boldest assertions of executive power that has been central to his economic and trade agenda. The justices took up the Justice Department's appeal of a lower court's ruling that Trump overstepped...
Miran may not be at Fed's rate-setting table next week, lawmakers say
Miran may not be at Fed's rate-setting table next week, lawmakers say
Sep 9, 2025
WASHINGTON (Reuters) -Stephen Miran, President Donald Trump's chief economic advisor, looks set to clear a key hurdle in the U.S. Senate on Wednesday as Republicans rush through his nomination to be the Federal Reserve's newest governor, but lawmakers said getting him in place in time to vote on interest rates next week would be a long shot. I think that...
JPMorgan CEO Jamie Dimon warns of a cloudy US economic outlook
JPMorgan CEO Jamie Dimon warns of a cloudy US economic outlook
Sep 9, 2025
NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon is cautious about the U.S. economic outlook, believing that the full effects of tariffs and other geopolitical headwinds have yet to fully unfold. I think you better be careful on that one (on the economic impact on the U.S.) because some of these things have long cycles. So we don't know yet....
US consumer finances stay robust even as jobs data cloud economic outlook, bankers say
US consumer finances stay robust even as jobs data cloud economic outlook, bankers say
Sep 9, 2025
NEW YORK (Reuters) -U.S. consumers remain in good financial health and there are little signs of credit quality deterioration, according to the nation's top banking executives, despite data showing the job market is cooling off. Leaders from Bank of America, Citigroup and Wells Fargo told investors this week that consumers were continuing to spend money and mostly pay their debts...
Copyright 2023-2026 - www.financetom.com All Rights Reserved