<p>The Sri Lankan government would introduce from next month a maximum retail price for fuel, State Minister of Energy DV Chanka said on Sunday.</p>.<p>Speaking to reporters, Chanaka said that the Maximum Retail Price (MRP) would be set as per the pricing formula of the government.</p>.<p>"The government would introduce a maximum retail price for fuel. Based on the pricing formula we will set a MRP," Chanaka said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/indias-russian-oil-imports-hit-new-high-in-june-but-growth-slows-1238830.html">India's Russian oil imports hit new high in June, but growth slows</a></strong></p>.<p>The move of the Sri Lankan government comes even as Chinese energy company Sinopec is set to enter the retail fuel market for the first time in August.</p>.<p>Chanaka said that the three players in the fuel retail market, the state-owned CPC, LIOC, the local operation of the Indian Oil Company and Sinopec would then be operating under the MRP.</p>.<p>"This would make the consumer benefit from competition," Chanaka said.</p>.<p>Sinopec, the Chinese energy company, is to enter the retail fuel market for the first time in August, Chanaka said.</p>.<p>“Their first shipment is due on August 3," he said.</p>.<p>Sinopec has followed the LIOC to become the third player in the local fuel retailing operations with an investment of 100 million dollars for import, storage, and sale of fuel.</p>.<p>They are to take over 150 privately-owned fuel outlets currently managed by the Petroleum Corporation, as well as setting up 50 new fuel stations.</p>.<p>Meanwhile, the energy ministry official said the LIOC had made a proposal for an oil distribution pipe line connecting Nagapatnam, Trincomalee and Colombo. The project feasibility is currently being discussed.</p>
<p>The Sri Lankan government would introduce from next month a maximum retail price for fuel, State Minister of Energy DV Chanka said on Sunday.</p>.<p>Speaking to reporters, Chanaka said that the Maximum Retail Price (MRP) would be set as per the pricing formula of the government.</p>.<p>"The government would introduce a maximum retail price for fuel. Based on the pricing formula we will set a MRP," Chanaka said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/indias-russian-oil-imports-hit-new-high-in-june-but-growth-slows-1238830.html">India's Russian oil imports hit new high in June, but growth slows</a></strong></p>.<p>The move of the Sri Lankan government comes even as Chinese energy company Sinopec is set to enter the retail fuel market for the first time in August.</p>.<p>Chanaka said that the three players in the fuel retail market, the state-owned CPC, LIOC, the local operation of the Indian Oil Company and Sinopec would then be operating under the MRP.</p>.<p>"This would make the consumer benefit from competition," Chanaka said.</p>.<p>Sinopec, the Chinese energy company, is to enter the retail fuel market for the first time in August, Chanaka said.</p>.<p>“Their first shipment is due on August 3," he said.</p>.<p>Sinopec has followed the LIOC to become the third player in the local fuel retailing operations with an investment of 100 million dollars for import, storage, and sale of fuel.</p>.<p>They are to take over 150 privately-owned fuel outlets currently managed by the Petroleum Corporation, as well as setting up 50 new fuel stations.</p>.<p>Meanwhile, the energy ministry official said the LIOC had made a proposal for an oil distribution pipe line connecting Nagapatnam, Trincomalee and Colombo. The project feasibility is currently being discussed.</p>