News
India to ask for collateral to extend credit line for oil
By Shiran Ranasinghe
The Export-Import Bank of India (EXIM Bank) would ask Sri Lanka for a collateral to ensure the future supply of oil, a senior CPC officer told The Island.
The officials said that during the past few months, India had provided Sri Lanka with fuel worth USD 700 million.
The last fuel ship under the current Indian credit line arrived in Colombo yesterday with 40,000 tonnes of diesel.
The Sri Lankan government is trying to secure another Indian credit line worth USD 500 million.
Although the discussions are at the final stage, the Indians might ask for collateral given the deteriorating economic situation in Sri Lanka, the CPC official said.
Meanwhile, the Ministry of Power and Energy is taking steps to secure a ship carrying 40,000 tonnes of petrol to arrive in Colombo Port soon.
A CPC official told The Island that several ships carrying fuel had already arrived in Sri Lankan territorial waters.
“We are buying fuel under a new mechanism, which will apply to the shipment of petrol arriving on 19 June, ” he said. The Ministry had informed gas station owners that petrol would be released at least on a few days a week after the arrival of that shipment, he added.
News
Global temperatures to stay near record levels: UN weather agency
The world is heading into another period of dangerous heat, a new UN report warns on Thursday, and it’s nearly certain global temperatures over the next five years will stay “at or near record levels” as climate change accelerates across land and sea.
A report produced by the UK Met Office and released on Thursday by the World Meteorological Organization (WMO) said there is an 86 per cent chance that at least one year between 2026 and 2030 will surpass 2024 as the hottest year ever recorded.
It also found there is a 91 per cent likelihood that average global temperatures will temporarily exceed 1.5 degrees Celsius above pre-industrial levels during at least one of the next five years.
The 1.5°C mark is a key benchmark under the Paris Agreement on climate change, with scientists warning that exceeding it for prolonged periods would sharply increase the risks of extreme weather, ecosystem collapse, food insecurity and displacement.
Such temporary breaches do not mean the Paris Agreement’s long-term climate goals are unattainable since the accord refers to warming sustained over decades rather than individual years.
Still, the forecasts underscore the accelerating pace of global warming and the increasing frequency of extreme heat events.
Annual global temperatures between 2026 and 2030 are expected to range between 1.3°C and 1.9°C above the 1850-1900 average.
The report said there is also a 75 per cent chance that the average warming across the entire five-year period will exceed 1.5°C.
“There is an El Niño predicted for the end of 2026, which increases the chances of the following year, 2027, being the next record-breaking year,” said Leon Hermanson, the report’s lead author.
Projections that the Arctic will continue heating far faster than the rest of the planet are also ringing alarm bells.
Temperatures across the region during the next five northern hemisphere winters are forecast to average 2.8°C above the 1991-2020 baseline – more than three-and-a-half times the projected global average increase over the same period.
Scientists also predicted continued declines in Arctic sea ice, particularly in the Barents Sea, Bering Sea and Sea of Okhotsk. Sea ice loss matters because it accelerates warming by reducing the Arctic’s ability to reflect sunlight, while also disrupting ecosystems, weather patterns and livelihoods in polar regions.
The report pointed to widening shifts in global rainfall patterns consistent with a warming climate.
Higher-than-average rainfall is expected in parts of the Sahel, northern Europe, Alaska and Siberia between 2026 and 2030, while drier conditions are forecast for the Amazon region and parts of the subtropics.
Wetter conditions are also likely at higher northern latitudes during upcoming winter seasons.
The forecasts are intended to help governments, regional climate centres and national weather agencies plan for risks that are no longer distant projections, but increasingly part of the world’s near-term climate outlook.
The report was produced by the UK Met Office as the WMO Lead Centre for Annual to Decadal Climate Prediction.
Latest News
Fuel prices increased
The Ceylon Petroleum Corporation (CEYPETCO) has announced a revision of fuel prices, effective from midnight on Saturday (May 30).
Accordingly,
the price of Auto Diesel has been increased by Rs. 15 to Rs.407 per liter,
the price of Super Diesel has been increased by Rs. 20 to Rs. 478 per liter.
the price of Petrol 92 Octane has been increased by Rs. 24 to Rs. 434 per liter
the price of Petrol 95 Octane up by Rs. 25 to Rs. 495 per liter
the price of kerosene by Rs. 20 to Rs. 285 per liter.

News
Sangha reform drives stymied from within: CBK
Former President Chandrika Bandaranaike Kumaratunga has called for a comprehensive reform programme within Sri Lanka’s Buddhist clergy, warning that repeated efforts to strengthen the Sasana have in the past been derailed by opposition from within sections of the Sangha itself.
In a statement addressed to the Mahanayake Theras of the three Buddhist chapters, Kumaratunga stressed that the long-term preservation of Buddhism depends on safeguarding both the Dhamma and Vinaya, or disciplinary code, and urged urgent internal reform to address what she described as deep-rooted structural weaknesses.
She noted that Buddhist history has consistently demonstrated that periods of institutional crisis were addressed through reform processes, citing precedents from the First Buddhist Council to reforms during the Kandyan era under Welivita Sri Saranankara Thera.
Referring to post-independence efforts, Kumaratunga said initiatives taken during the 1956 Bandaranaike administration to strengthen Buddhism were left incomplete following the assassination of former Prime Minister S.W.R.D. Bandaranaike.
She further stated that during her own presidency, plans to convene a Buddhist Council under the guidance of the late Madihe Pannasiha Mahanayake Thera had received government backing but were ultimately abandoned due to resistance from certain sections within the clergy.
The former President alleged that, on both occasions, vested interests benefiting from existing weaknesses within the Buddhist establishment had worked to obstruct meaningful reform efforts.
Warning that Buddhism in Sri Lanka is currently facing serious challenges, she called for a broad internal dialogue within the Sangha to identify root causes and implement both short- and long-term corrective measures.
Kumaratunga urged the Mahanayake Theras to take the lead in convening a Dharma Sanghayana, or Buddhist Council, and said she was prepared to work with senior lay Buddhist leaders to support such an initiative.
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