India has recently attended to the request made by Sri Lanka, to urgently send diesel and monthly fuel supply under a line of credit of $500 million. Sri Lanka seeks help from India due to their unforeseen economic crisis.
Indian Oil Corporation has decided to send 40, 000 tonnes of diesel immediately to the country in distress, stated the people familiar with the agreement. This will be followed up by additional supply of diesel, petrol and aviation fuel for the coming seven months. The agreement was finalized in February and immediate actions are to be taken.
Amidst the on-going fuel crisis and price hike due to the war between Russia and Ukraine, India has laid out its helping hand to the distressed island nation. The people engaged in the matter said that the request was made by Sri Lanka due to their sudden fuel shortage and economic crisis.
India, however is prioritizing the domestic needs, said the people engaged in the matter. India is arranging the requirement currently after considering the domestic requirements. There is also a problem of shipping the fuel to Sri Lanka.
India also has agreed to provide Sri Lanka with a short-term loan of $1 billion on the 17th of March. This decision is entirely made to help the nation deal with their drastic economic crisis.