No money to buy petrol, says Lankan govt as it urges citizens not to queue up for fuel
Colombo (PTI): Crisis-hit Sri Lanka on Wednesday revealed that it does not have foreign exchange to pay for a vessel of petrol anchored in its waters for nearly two months as it appealed to citizens "not to wait in line" for fuel.
However, the country has received sufficient stocks of diesel, the government said.
Since March 28, a vessel with petrol has been anchored in Sri Lankan waters, power and energy minister Kanchana Wijesekera told Parliament, confirming that the country is facing an issue of petrol availability, online portal newsfirst.lk reported.
We do not have US dollars to make the payment for the vessel with petrol," he said, adding that another USD 53 million is due for the same vessel for a previous shipment in January 2022.
The minister said the shipping company concerned has refused to release the vessel until both the payments are settled.
Wijesekera said following an assurance from the Central Bank of Sri Lanka to make the previous payment, the company had agreed to release the current vessel after the due payment is made.
However, we are yet to source the fund for this purpose, he said, adding that the ministry is working towards releasing the vessel either on Wednesday or Thursday.
This is why we requested the people not to wait in line for fuel. There is no issue with diesel. But, please do not stay in line for petrol. We have limited stocks of petrol and are trying to distribute it accordingly for essential services, especially ambulances, the minister said.
We apologise for this. We understand that three-wheelers can only operate with the daily fuel purchases. We appeal to the public not to remain in line for fuel on Wednesday and Thursday," he said.
The minister also appealed to the people to stop stockpiling fuel, as there is no way of delivering petrol for the next two days.
Wijesekera said it would take another three days from Friday to complete the distribution of petrol to all filling stations.
Of the 67 proposals made to the ministry on fuel purchases, 39 were identified as practically applicable in Sri Lanka, he said, adding that no matter what proposal is made, the country cannot import petrol without opening the letter of credit.
A letter of credit, also known as a documentary credit or bankers commercial credit, or letter of undertaking, is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods.
Wijesekera said Sri Lanka has received sufficient stocks of diesel.
On Tuesday, we distributed super diesel and auto diesel to all the filling stations in the country. We hope to ensure the continuous supply of diesel from today (Wednesday) to all the 1,190 active filling stations in the country, although there are 1,300 filling stations, he told the House.
For June 2022, Sri Lanka needs USD 530 million for fuel imports, the minister said, noting that even if the country receives the benefit of an Indian Credit Line, it needs over USD 500 million for fuel purchases per month, compared to the USD 150 million from two years ago.
The high demand for fuel and currency depreciation can be cited as the main reasons for this, he said, revealing that Sri Lanka is to make a payment of over USD 700 million for previous shipments of fuel.
Earlier this month, India extended its current credit line by a further USD 200 million to replenish Sri Lanka's rapidly depleting fuel stocks. India has committed over USD 3 billion to the debt-ridden island nation in loans, credit lines and credit swaps since January this year.
Earlier on Wednesday, Prime Minister Ranil Wickremesinghe told Parliament that USD 160 million has been received from the World Bank and a grant from the ADB (Asian Development Bank) is also expected. However, the money received from the World Bank cannot be used to buy fuel.
We are trying to see if we can use some of it for fuel purchases," he said.
Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis also triggered a political crisis in Sri Lanka and a demand for the resignation of the powerful Rajapaksas.
President Gotabaya Rajapaksa sacked his Cabinet and appointed a younger Cabinet as a response to the demand for his resignation. A continuous protest opposite his secretariat has now gone on for well over a month.
On May 9, Gotabaya Rajapaksa's elder brother Mahinda Rajapaksa resigned as the prime minister to make way for the president to appoint an interim all political party government. Wickremesinghe was appointed the country's new prime minister on Thursday.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Four held for Rs 33 lakh online investment fraud; interstate racket busted
New Delhi (PTI): The Delhi Police has busted an interstate cyber fraud syndicate involved in an online investment scam and arrested four persons, an official said on Saturday.
A crime branch team arrested the accused in a case where a victim was allegedly cheated of Rs 33.83 lakh on the pretext of lucrative returns through online trading platforms.
“Police said the accused lured victims with promises of high returns and later coerced them into depositing more money on the pretext of unlocking or withdrawing earlier investments,” the officer said.
Police said the racket operated across several states, including Delhi, Punjab and Rajasthan, and used a network of mule bank accounts to route and layer the defrauded money to conceal its origin.
“During the investigation, the cheated amount was traced to 15 bank accounts. Thirteen of these accounts were registered outside Delhi, indicating the organised and interstate nature of the syndicate,” said the police officer.
The accused have been identified as Mohammad Khalid (26) and Atiur Rahman (23), both residents of Delhi, Ramandeep Singh (29) from Punjab, and Tanish alias Heera Ram (27) from Rajasthan.
According to the police, Khalid was arrested on March 15 and allegedly disclosed that he gave his bank account details and SIM card to a co-accused for a commission.
Rahman, who was already lodged in a jail in Haryana in a similar case, was later formally arrested. Ramandeep Singh was arrested on April 6 and allegedly admitted to sharing his account credentials for monetary gain.
Tanish was apprehended from Rajasthan on April 9 for facilitating the use of such accounts in the fraud network.
During the probe, officers analysed over 100 call detail records, IMEI data and transaction-related digital evidence to track the accused and establish the money trail.
Three mobile phones and SIM cards used in the crime have been recovered.
Further investigation is underway to identify other members of the syndicate and trace additional financial linkages, the police said.
