New Delhi

Sri Lanka is currently experiencing major fuel shortage along with the worst inflation since gaining independence in 1948. The shortage of foreign exchange has resulted in food and fuel shortages in the past few months but there is some good news for the struggling island nation. India's Lanka Indian Oil Corporation (LIOC) has announced that they will be opening around 50 new fuel stations in the country in order to boost the fuel supply. LIOC, a subsidiary of the Indian Oil Corporation, already has 216 stations all around the country and is also listed on the Colombo Stock Exchange.

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According to Reuters, LIOC Managing Director Manoj Gupta said on Monday that they will be investing another $5.5 million in order to bolster the situation in the country.

"We have been trying for some time to get this approval and we are more than willing to come forward and play a larger role to support and work with Sri Lanka to resolve its challenges."

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The volatile situation in Sri Lanka has already resulted in massive uproar among the public and due to widespread protests, former President Gotabaya Rajapaksa had to leave his position.

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The other major fuel supplier for the country is the state-run Ceylon Petroleum Corporation (CPC).

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Reuters reported that till now, India has invested around $4 billion to help Sri Lanka along with credit lines to buy food and other major commodities from the global market. The government are currently in talks with other country as well as the International Monetary Fund (IMF) for aid.

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(With inputs from agencies)