Speaking to 'Divaina' newspaper, he has said that the above measure was taken after considering the inability to store more fuel stocks in a backdrop where the daily local consumption has dropped to 35 - 40 percent.
It is reported that Sri Lanka only has the capacity to store 90,000 metric tonnes of petrol and one 170,000 metric tonnes of diesel for a period of 20 days.
It is also said that the maximum number of days that fuel can be stored is 20 days.
The national requirement is ordered on a weekly basis and stored in the main warehouses of Kolonnawa and Muthurajawela.
The daily national fuel requirement of Sri Lanka stands at 3,500 metric tonnes of petrol and 5,000 metric tonnes of diesel.
However, reports add that only 2,000 metric tonnes of petrol and 3,500 metric tonnes of diesel are used daily at the present.
10 tanks in Trincomalee
Meanwhile, sources from the Energy ministry say that the Indian embassy has not favourably responded to a request by the Sri Lankan government to reclaim 10 oil tanks at the Trincomalee oil tank farm.
The request was made due to crude oil prices plummeting in the world market.
The complex was handed over to India in 2001 by the then government.
However, it is estimated that it will cost around Rs. 2,000 million to acquire and renovate these 10 unused tanks.
It is reported that Power and Energy Minister Mahinda Amaraweera and Indian Embassy officials in Sri Lanka held a preliminary round of discussions on this regard.