Sri Lanka: Cabinet approves concession for the fishing industry

Although approval was granted at the cabinet meeting on 21 August 2024 to take remedial measures for the fishing industry affected by the sharp rise in fuel prices, the decision has yet to be implemented. Therefore, the Cabinet of Ministers has now approved a proposal by the President, in his capacity as Minister of Agriculture, Land, Livestock, Irrigation, Fisheries, and Water Resources, to provide the following concessions for six months starting from 1 October 2024, aimed at improving the economic conditions of the fishing community.

• To grant an allowance the fisheries industry turned into normalcy subject to the maximum of rupees 300,000 per month for fishing vessel owners who obtain diesel as fuel at 25/- per liter of diesel obtained by them.
• To provide “fishing industry recovery allowance” of Rs 25/- per liter of kerosene for vessel owners who obtain kerosene as a fuel, subject to a maximum of 15 liters of kerosene per day and 25 days per month limiting to the working days only.
• Whenever price revisions are made for diesel and kerosene, the maximum concession price for diesel is Rs.250/- and the concession price for kerosene is Rs. 150/-, subject to the maximum six (6) period and this program is maintained in such away the fishing communities are received the concession of 7.5 % from the market value for diesel and concession of 12.5% from the market value for kerosene.