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US-based RM Parks to begin oil business here next month with 150 sheds
View(s):The United States-based RM Parks company will begin fuel distribution in Sri Lanka next month, a senior Power and Energy Ministry official said.
The company signed a 20-year agreement in June to import, distribute, and sell petroleum products through 150 fuel stations allocated by the Ceylon Petroleum Corporation (CPC). RM Parks, which operates under Shell PLC, will become the fourth retailer to
enter the country’s fuel market after the CPC, Lanka Indian Oil Company (LIOC), and China’s Sinopec.
The company will initially be given 150 fuel stations belonging to the CPC, but will later have the opportunity to open 50 fuel stations on its own. RM Parks will have at least one fuel station in every district, with multiple stations focused on urban centres like Colombo.
As with China’s Sinopec, which began fuel distribution in late August, RM Parks too will be given the opportunity to sell its fuel at a discounted rate, the official revealed. Sinopec currently sells all types of fuel Rs. 3 less than its competitors, CPC and LIOC.
The US-based company is expected to import a 40,000-metric-tonne shipment of fuel every month.
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