IBP company Limited an Indian Oil group company has decided to bid for the slot of a third player in Sri Lanka's petroleum sector.

This move by the company, follows the announcement by the Sri Lanka Government that there should be three players in the market.

Previously the petroleum sector was monopolised by Ceylon Petroleum Corporation, which operated 300 fuel stations.

The government has now arrived at a decision to equally distribute the 300 fuel stations among the three players.

Subsequently, Indian Oil Corporation was invited as the second player and the company now operates 100 fuel stations.