Connect with us

News

Lanka IOC increases diesel and petrol prices

Published

on

LIOC has increased retail selling prices for both diesel (Lanka auto diesel ) and Petrol (LP 92 ) by Rs 5 a lire each from yesterday.

However, the prices of Lanka Super Diesel and LP 95 remain unchanged.

The LIOC has said in a media statement: “The last price revision took place on 12th June 2021.

However, since then the Brent crude oil prices have increased from $72/barrel to $86/barrel in the international market. The recent unprecedented rise in international oil prices has breached the 7 year highs. As on date the international price of Gasoil 500ppm is $ 95.62/barrel and Gasoline92 is $ 99.37/barrel.

“LIOC has been left with no other option but to increase the prices of Petrol and Diesel as the quantum of losses have become unbearable. They also informed that they have increased the prices to the minimum, taking into consideration of its impact on the industry and people at large. When contacted, Managing Director LIOC, Mr Manoj Gupta informed that although losses are very high, presently the company has increased the prices to the barest minimum.

“Lanka IOC is only public limited energy company and accountable to its more than 10500 local shareholders. Such continuous losses on indefinite period shall have a very detrimental effect on the financials of the company and its ability to invest to provide value added services to its customers.

“The Selling price of Petrol and Diesel in the country remains significantly low as compared to the prices prevailing in the neighboring countries. The prices of Petrol and Diesel need to be in line with the prices prevailing in the international market.

However, even after this price increase in Diesel and Petrol, LIOC will still have to bear significant losses at prevailing international prices for which they have been requesting to Ministry of Finance and Ministry of Energy to take necessary steps to provide relief to organization.”



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Latest News

Food Policy and Security Committee recommends importation of rice to ensure an uninterrupted supply

Published

on

By

The Food Policy and Security Committee has recommended the importation of rice in the near future to ensure an uninterrupted supply for consumers.

A notable increase in rice prices has been observed in the market, along with reports of shortages of certain rice varieties, despite the current harvest season.

Given this situation, discussions were held regarding the need for the Cabinet to prioritize the maintenance of sufficient stock,  through rice imports.

The Committee, chaired by Minister of Agriculture, Livestock, Lands and Irrigation K.D. Lalkantha and Minister of Trade, Commerce, Food Security and Cooperative Development Vasantha Samarasinghe, convened for the fifth time at the Presidential Secretariat on Tuesday (01). The meeting aimed to formulate policy decisions to ensure food security.

During the discussions, it was revealed that due to excessive rainfall this year, crop damage occurred on two occasions, leading to a significant reduction in the expected harvest.

Furthermore, during the meeting it was stated that the improper use of rice for animal feed is another major reason contributing to the rice shortage. As a result, the Committee also focused on the importation of broken rice for animal feed and the use of alternative feeds to mitigate the impact on livestock production.

Accordingly, the Food Policy and Security Committee approved the formation of a Committee, led by the Director General of Agriculture, to oversee the importation of the required quantity of broken rice through proper mechanisms.

Secretary to the Prime Minister Pradeep Saputhanthri, Senior Additional Secretary to the President Kapila Janaka Bandara, and other members of the Food Policy and Security Committee, including Ministry Secretaries, participated in the discussions.

Continue Reading

News

Cabinet approves providing relief to the people of Myanmar

Published

on

By

The People of Myanmar are facing  immense hardships caused by the devastating earthquake  on 28th March  and as reported by the international media reports the death toll is over 2,700. Furthermore, it has been reported that many people are missing while, a large number of individuals have been injured and are receiving treatment.

Considering the long – term close relationship between the two nations as two Buddhist states, the Cabinet of Ministers has decided to provide,

• A sum of United States Dollars One Million

•  Transportation for the dry rations collected by Buddhist clergy and other donors

• To have a group  of medical officers and health staff on standby for immediate departure to Myanmar if necessary

Continue Reading

Latest News

Cabinet appoints ministerial committee to submit report on sanctions imposed on 04 Sri Lankans by the United Kingdom

Published

on

By

Attention of the Cabinet of Ministers have been drawn on the decisions taken by the United Kingdom to impose sanctions on four Sri Lankan individuals recently, and have decided to appoint a committee comprised of three ministers  to submit a report with recommendations on the further measures to be taken after studying the facts in the regard and to empower the committee to obtain the service of any officer/intellect deemed to have subject expertise in the relevant field and considered essential.

The committee will comprise of :

– Vijitha Herath Minister of Foreign Affairs, Foreign Employment and Tourism

– Attorney – at – Law  Harshana Nanayakkara Minister of Justice and National Integrity

– Aruna Jayasekara Deputy Minister of Defence

Continue Reading

Trending