Letter of Credit opened to purchase 300,000 barrels of petrol

The People’s Bank has opened a Letter of Credit (LC) for USD 42.6 million to purchase a shipment of Octane 92 Petrol.

As per reports, 300,000 barrels of petrol in total are expected to be purchased through this LC.

Meanwhile, Minister of Power and Energy Kanchana Wijesekara had told a media briefing yesterday that petrol volumes can be released to the market by this weekend, it Letters of Credit are opened without delay.