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Sri Lanka to further open up lubricant market

The Sri Lankan government has decided to further open up the lubricant market by allowing more suppliers with the aim of increasing competition and reducing prices, a spokesman said. Media Spokesman Kehaliya Rambukkwelle said new suppliers who have shown interest will be given licenses while licenses of existing suppliers will be extended for another five years. “This will widen the market, create more competition and prices could be brought down further,” said Rambukkwelle. Chevron Lubricants Lanka, formerly known as Caltex, currently dominates Sri Lankas lubricants market. (August 6, 2010)