Connect with us

Business

Significant rupee depreciation forced selling price revisions for gasoil & gasoline – Lanka IOC

Published

on

CBSL has announced flexibility in foreign exchange rate and the Sri Lankan rupee has depreciated twice in the last 7 days against the dollar, initially to Rs 230 per USD and then again to an exorbitant level of Rs. 260 from Rs. 203 previously. Even after this upward revision in exchange rates by over 28%, the inflow of US dollar has not improved much in the banking channels during past two days. The banks are, however, offering USD at the rate of Rs 260 and even much beyond, Lanka IOC said in a press release.

The release adds: “On the other side, Oil has also been rising sharply on the prospects for a full embargo on Russian oil and products and reaching near to the highest levels seen earlier in 2008. With fear of the supply scarcity amidst the Ukraine-Russia war, crude oil continues to be on the boil, threatening to reach unforeseen levels. It is gathered that the international market is rising to account for the supply disruption to at least part of the nearly 4 million barrels per day of oil that is sold by Russia into the U.S. and EU.

“In the wake of the severity of these external shocks, LIOC was forced to increase its Retail Selling Prices for Diesel by Rs 75/Ltr and Petrol by Rs 50/Ltr w.e.f. today.

” Manoj Gupta, Managing Director LIOC, informed that “Rupee depreciation twice in a span of 7 days by Rs 57 against USD has directly impacted the landed cost of Gasoil & Gasoline making them dearer by an equivalent amount per litre. Oil and gas prices are also surging as western countries respond to Moscow’s invasion with numerous sanctions to isolate Russia and cut it off from global oil markets. Our current losses are exorbitantly high considering current international prices leaving no other option but to increase the prices of Gasoil & Gasoline. However, it is a painful reality that even after this price increase, there would still be heavy losses at the prevailing international prices.”

“Gupta further said that “Though the current global political and economic environment is extremely challenging compelling us to resort to desperate measures, I am confident that the situation will improve and we shall be able to pass on the benefits of reduced prices to our valuable customers.”

“LIOC does not receive any subsidy from the Government of Sri Lanka and its losses are calculated based on actual landed cost of the product after considering payment of applicable duties, taxes & other statutory levies including handling charges.

“Lanka IOC is the only public limited energy company and accountable to its more than 10500 local shareholders. Despite the unprecedented challenging situations, Lanka IOC has always remained committed towards the social upliftment through its several initiatives and strong environment conscience.”



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Cross-border supply chains seen as key to new business opportunities

Published

on

Dignitaries at the launching of the new dhal processing factory.

By Ifham Nizam

Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.

The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.

Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.

‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.

His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.

The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.

Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.

The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.

The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.

But the investment also has a distinctly local agricultural dimension.

Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.

That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.

Duckworth said this type of business partnership could generate benefits for both countries.

‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.

‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.

The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.

For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.

Continue Reading

Business

Ideal Motors makes history with multiple workplace excellence accolades

Published

on

Representatives from Ideal Motors (Pvt) Ltd receive top organizational culture and workplace accolades at the Great Place to Work® 2026 awards ceremony.

HR-led transformation places people, culture and business performance at the heart of the organisation

Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.

Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.

The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.

At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.

These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.

Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.

Continue Reading

Business

AAC takes seat belt safety message to Colombo motorists

Published

on

AAC staff distribute seat belt safety material to motorists on Galle Face Centre Road, Colombo.

The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.

AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.

The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.

AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.

The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.

Continue Reading

Trending