Indian Oil denies role in fuel crisis

The Indian Oil Company’s subsidiary in Sri Lanka has dismissed as “mischievous and factually incorrect” the allegations that it was responsible for the fuel shortage in the island nation.

The Lanka Indian Oil Company (LIOC) yesterday received flak for the fuel shortage after motorists lined up in long queues at petrol stations.

The company denied any responsibility to the ongoing petroleum crisis.

“As a reliable distributor of petroleum products in Sri Lanka over many years, LIOC is making all efforts to assist in the early resolution of this problem. However, attempts by some to blame LIOC for causing the shortage are mischievous and factually incorrect, and we categorically reject such allegations,” the LIOC said in a statement.

The LIOC said it catered to only 16 per cent of the Sri Lankan market, while the remaining 84 per cent relied on Ceylon Petroleum Corporation (CPC) supplies.

“Thus, large shortages across the country can only be caused by disruption in supplies of CPC (the Sri Lankan government petroleum entity),” the statement said.

“It may be noted that LIOC has adequate stocks…and normal daily diesel sales of 775 MT is continuously happening from all our sheds across the country. It is total misrepresentation of facts that diesel is not being sold by LIOC sheds,” the statement said.

The LIOC is a professionally managed subsidiary of Fortune 500 Global company, and plans its product requirement well in advance and maintains necessary stocks, the statement added. (Economic Times)

 

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