Black market for fuel growing amid supply crisis in Sri Lanka

Akshant looks just like any tuk-tuk driver in Sri Lanka, but his wages are three times higher than the others.

This is because he has been selling fuel on the black market amid a severe shortage recently.

“It is more profitable than driving a tuk-tuk,” the 59-year-old said from behind the wheel of his red vehicle.

The three-wheeled open vehicle was parked in a quiet neighborhood of Colombo, where queues outside petrol stations usually stretch for a few kilometers.

“If I buy 5 liters of petrol, I’ll unload 3 liters and sell it to other people,” he explained.

Akshant (not his real name) has been making a profit from selling fuel over the past few months.

At petrol stations, a liter of petrol costs about 450 Sri Lankan rupees (US$1.26). But at his home, where containers of petrol are kept for the underground trade, he retails them for 2,500-3,000 rupees per liter.

Millions of Sri Lankans are struggling amid the worst economic crisis in their country’s history. State coffers are running dry of foreign exchange reserves and there is not enough money for essential imports such as fuel.

“We have to wait three to four days to get fuel and we can only get 2,500 rupees’ worth of it each time. That’s not enough. So, some people would unload fuel from their vehicles and sell it for a higher price. I’ve started to do that too,” Akshant said.

Agencies