Lube potential grows with opening of other areas in Sri Lanka

The lubricant industry has much potential with the establishment of peace and the opening of the north and the east markets in Sri Lanka. The expected growth in the fisheries industry will provide an impetus for the lubricant market to develop, Chevron Lubricants Lanka Managing Director Kishu Gomes told Daily News Business. “The reduction in taxes and duties related to vehicle imports will augur well for the progress of the lubricant market. It could further improve due to the small vehicle segment which consists of a lesser tax component compared to large vehicles,” Gomes said. (February 25, 2010)