Sri Lanka does not have any oil or gas of its own and imports totally from international market. Thus, oil import is a major expense of the government. Sri Lanka imports nearly 30 million barrels every year and this oil is used in electricity production and in the transport industry. Before the price hike began Sri Lanka used to spend around $800 million on oil import. However, last year, Sri Lanka had to pay $1.64 billion for oil import. This year, the oil price is even higher in the international market this year and Sri Lanka may have to pay $2.2 billion if the price of oil remains high in the international market.
Like other South Asian countries, Sri Lankan government is paying subsidy on oil import and the government is losing $19 million every month now. Just last month, the government increased the price of oil and the price of diesel was increased to 16%. Now it is highly probable that the government will again increase the price of oil very soon. Of course, such a move will become extremely unpopular but the hands of the government are tied.
The only way out for South Asian countries like Bangladesh, India, Pakistan and Sri Lanka is to come up with a massive campaign to make the people aware of the oil price hike in the international market and encourage them to use oil economically. At the same time, the South Asian countries must spend enough money on generating power through alternative energy sources.
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Posted by: Sunil Malani | June 16, 2006 8:28 AM | Permalink to Comment