Business
Fuel market faces fresh pressure as Asian prices rise
By Ifham Nizam
Sri Lanka’s fuel market is coming under renewed pressure as the escalating West Asian conflict and disruption to key oil-shipping routes push up international crude and refined-fuel prices, with a top Ceylon Petroleum Corporation (CPC) official saying the Corporation is closely monitoring developments and the potential impact on domestic fuel costs.
A top CPC official said the sharp rise in international oil prices was being driven by the conflict and disruptions to energy infrastructure and shipping routes in the region.
The official said Sri Lanka’s exposure to the international price shock would also depend on the timing of fuel purchases, as petroleum cargoes are ordered well before they arrive in the country and the final landed cost is determined when the cargo is delivered.
The CPC is also seeking to cushion consumers from the full impact of international price increases while maintaining uninterrupted supplies, the official said.
The latest developments come as Brent crude remains above USD 100 a barrel despite a recent retreat in prices following efforts by Saudi Arabia to maintain exports through alternative routes.
Brent crude futures fell to USD 104.74 a barrel yesterday, while West Texas Intermediate was trading at USD 101.60, according to Reuters. Saudi Arabia has been offering additional crude cargoes to Asian refiners through Oman to offset disruptions caused by attacks on its East-West pipeline.
The immediate concern for Sri Lanka is the potential impact on the country’s petroleum import bill, foreign-exchange requirements and inflation.
Higher international crude and refined-product prices mean that more dollars are required to finance fuel imports, while higher domestic energy costs can feed into transportation, manufacturing, agriculture, fisheries and logistics.
The pressure is already being felt elsewhere in Asia.
Pakistan has raised petrol prices by Pakistani Rs. 4.42 a litre and high-speed diesel by Rs. 6.10, taking the prices to Rs. 380.24 and Rs. 409.42 respectively. The latest increase is reported to be the sixth consecutive fuel price increase in the country.
The Philippines has also raised fuel prices, with petrol increasing by 5.68 Philippine pesos a litre, diesel by 4.31 pesos and kerosene by 4.62 pesos for the latest pricing period.
The developments provide an indication of how quickly international energy-market disruptions can feed into domestic fuel markets across fuel-importing Asian economies.
For Sri Lanka, the issue is particularly significant because petroleum remains a major component of the country’s import bill. The CPC’s current prices stand at Rs. 399 a litre for 92-octane petrol and Rs. 382 for auto diesel, according to the Corporation’s latest published prices.
The government is meanwhile facing pressure to balance consumer protection with the financial sustainability of fuel suppliers.
The Energy Minister has said several options are being considered, including fuel subsidies, price limits for private distributors and adjustments to retail prices. Private operators have reported substantial losses on diesel under prevailing prices, while the CPC has said it is currently absorbing losses on diesel through earnings from other petroleum operations.
A prolonged international oil-price shock could therefore have consequences extending well beyond the pump.
Higher fuel costs would raise operating expenses for transport-dependent businesses and could increase the cost of moving goods throughout the economy. For manufacturers and exporters, higher energy and logistics costs could also affect margins and competitiveness.
At the macroeconomic level, a sustained increase in petroleum prices could increase Sri Lanka’s foreign-exchange requirements and place additional pressure on the trade balance and inflation.
The international oil market, however, remains highly fluid. Saudi Arabia’s efforts to redirect crude exports through Oman have eased some immediate supply concerns, while expectations that its damaged East-West pipeline could return to operation within days have also helped push crude prices lower.
But shipping through the Strait of Hormuz remains severely disrupted and the wider conflict continues to pose risks to crude and refined-product supplies.
For Sri Lanka, the coming weeks will therefore be closely watched by fuel suppliers, importers and businesses as the country assesses whether the current international price shock proves temporary or develops into a more prolonged increase in the cost of energy.
Business
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
Business
JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50
JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.
As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.
JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.
Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.
Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”
JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.
As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.
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