At the moment Chevron, Lanka OIC and state-run Ceylon Petroleum Corporation are among the front runners. Those will blending facilities also have an advantage over imported final product sellers.
Though Sri Lanka's Public Utilities Commission acted as the shadow regulator for lubricants it still lacked the teeth prosecute those who were selling low quality oils, Ganguly said.
PUCSL director general Damitha Kumarasinghe said there was nothing wrong in increasing competition and companies would have to gain market share with better products.
Sandya Wijebandara, additional secretary of Sri Lanka's petroleum ministry told a business forum in Colombo that already three companies have applied to start dealerships.
Sri Lanka at one time had a state monopoly in lubricant selling and blending and it then became a private monopoly.
But later more players were allowed to import but citizens still do not have full freedom to buy any lubricant brand with an entry barrier in the form of a li