Sri Lanka police warns crackdown on fuel hoarding

Colombo, Mar 1 (PTI) Sri Lanka police on Sunday warned the public against attempts by elements to hoard fuel in view of the current volatile situation in West Asia.

The police said it had been observed that attempts are being made to stockpile fuel in panic buying even when the state fuel entity Ceylon Petroleum (CPC) had assured that sufficient stock pile is remaining and there is no need for panic buying.

Large queues were noticed opposite fuel stations from Saturday night, hours after the news of the joint US-Israeli action against Iran came through.

The police, in a statement, said that all police stations have been alerted to take appropriate action against individuals to collect fuel in cans and barrels.

The fuel retailers have also been told not to dispense fuel to people bringing in cans.

“We have observed attempts to fill barrels for illegal resale of fuel. Legal action will be taken against those trying to resell fuel collected in this manner,” DJ Rajakaruna, the CPC chairman, said.

Rajakaruna said the country had fuel stocks to last till April-May and as such, there was no need to queue up at retailers for panic buying.

Earlier on Saturday, the US and Israel launched joint strikes on Iran, including attacks on “dozens of military targets” carried out as part of a “wide, coordinated, and joint offensive” against the (Iranian) regime, with the tension escalating to other Gulf countries.

Experts have warned that the war can shake global fuel markets if Iran chooses to make unsafe the Strait of Hormuz, a vital maritime channel through which around 20 per cent of the world's traded oil passes. PTI CORR NPK NPK