Business

PickMe proposes fuel supply for passenger transportation via a digital pool

Published

4 years ago

2022/07/4

If we are to prevent the catastrophe of Colombo and other main cities becoming ghost towns, we need to put in place a transparent and accountable fuel distribution system that will use the limited fuel stocks we have efficiently.

Zulfer Jiffry, CEO of PickMe says, the time has come for smart thinking. “The digitalisation of our systems can give us an edge in overcoming the crisis we are all facing today. To have a minimal level of transport, for an emergency, for work, or even to get about our day to day living like shopping for essentials, is an absolute need. But we are coming to the point where the whole system is gradually running dry which may cause the country to come to a complete standstill. It is an urgent necessity to have a sensible form of rationing at least until the next fuel ship comes in and in doing this, also ensure that distribution of fuel does not become part of black market racketeering. While mass transport can act as a base, it is essential to have a second level of public transport, and ride hailing taxis fit the bill perfectly.”

Many reports in social and mainstream media have said that there is an active petrol and diesel blackmarket operating in Sri Lanka and this does not ensure the efficient use of our minimum stocks. To meet urgent needs and prioritise emergencies, PickMe suggests that authorities try out a pilot programme where fuel supply for transport of passengers will be done via a digital pool. When certain quotas of fuel are given to the digitally operated transport system, it won’t be just for the use of private vehicles which cannot be accessed by the public transport system. If a policy is structured by the State where three-wheelers operating in the taxi hailing ecosystem are given a certain quota through their operators, the passenger transport in the city could be rationalised in an equitable manner.

“The digital platforms would monitor the movement of their vehicles under this program to ensure the proper and transparent use of this resource. For example if we take a figure of 10,000 three wheelers with an 80,000 litre quota, they can do approximately 200,000 trips around the city, moving around 400,000 passengers in a day. We can monitor this through our software to ensure accuracy and transparency and can even be subject to an audit. The system we propose will be directly tied to the amount of mileage our tuks do, and if we find the set criteria is not met, then we would immediately take those drivers off the system. It is necessary to look at systems such as this to operate in the 4 main provinces, in order to keep the provincial GDPs on an even keel, which is a dire need right now, and transport is a very important part in achieving this,” Jiffry says.

The GDP of provinces is the index that shows whether the economy is thriving or not, therefore, an order of priority to provide fuel for these provinces is required. A breakdown of economic activities in the provinces need to be looked at, in order to literally fuel the economy with the limited stocks of petrol and diesel available.

The obvious choice to top the charts would be the western province, which has the largest share in the pie (refer Figure 1). According to a Central Bank report in December 2021, the western province contributes 38% of the national GDP and this is over one third of the overall economy of Sri Lanka. Key to the western province’s economic activity are services and industry, both of which involve heavy consumption of fuel. The report says the western province has pioneered industry activities with a contribution of 44.6 percent. In terms of services, the western province recorded the highest contribution of 39.3 percent (refer Table 1) and if the Western province is taken by itself, 61.7% of its economic activities are in the service sector (refer Figure 2).

“Given this, how we need to prioritise fuel distribution is clear. The western province has to come first overall; and if we are prioritising industry, then the central province comes second and the north-western province third. If we are prioritising services, the central and southern provinces will come second and third, respectively,” says Jiffry.

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Business

Sri Lanka educates women but keeps many out of work, ADB warns

Published

9 hours ago

2026/06/5

Thilina Walpola

Shannon Cowlin - ADB Country Director for Sri Lanka

Sri Lanka has one of the most educated female populations in South Asia, yet only about one in three women participates in the labour force, making female workforce participation among the lowest in the region and leaving a significant source of economic growth untapped.

That paradox took centre stage at a knowledge forum organised by the Asian Development Bank (ADB) in Colombo on June 3, where government officials, labour authorities, academics and private-sector leaders examined the deep-rooted barriers preventing women from fully participating in the economy and explored reforms needed to unlock their economic potential.

Opening the event, ADB Country Director for Sri Lanka Shannon Cowlin said the issue extends beyond gender equality and has become a critical economic challenge for a country seeking sustained growth and inclusive development.

“Empowering women to participate fully in the labour force is not only a matter of equality; it is essential for inclusive economic growth and poverty reduction in Sri Lanka,” she said.

The forum, held under ADB’s Serendipity Knowledge Programme (SKOP), focused on findings from a recent ADB-supported study exploring the factors behind Sri Lanka’s persistently low female labour force participation.

Cowlin noted that despite notable progress in education and human development, Sri Lanka continues to lag behind on measures of gender equality and women’s economic participation. She said multiple studies have shown that the factors shaping women’s labour force participation are layered, interconnected and multidimensional.

According to the study, many women remain concentrated in informal, low-paid and insecure employment with limited access to social protection and few opportunities for career advancement. Social and cultural expectations continue to place primary caregiving responsibilities on women, often restricting their ability to pursue careers or remain in full-time employment.

The lack of affordable childcare services, unequal access to digital skills and technology, concerns over workplace safety, sexual harassment and inadequate transport options were identified as major obstacles preventing women from entering or remaining in the workforce.

“These are complex challenges that require action from all stakeholders – government, development partners, the private sector, civil society and academia,” Cowlin said.

She stressed that improving women’s labour force participation would require more than isolated policy interventions, calling instead for structural transformation, stronger infrastructure and care services, progressive workplace practices and broader societal changes that improve women’s mobility, safety and economic agency.

The event featured a presentation by Professor Dileni Gunawardena of the University of Peradeniya, who shared findings from ADB’s study on female labour force participation, followed by a panel discussion involving representatives from the International Labour Organisation, the Department of Labour, MAS Holdings and John Keells Holdings.

Panelists discussed measures to improve the enabling environment for women, including greater investment in the care economy, expanded childcare facilities, enhanced skills development, creating safe, supportive workplaces and career pathways for upward mobility.

Participants agreed that increasing women’s participation in the workforce is not merely ‘a nice to have’ but an economic necessity, particularly as Sri Lanka seeks to accelerate recovery, boost productivity and achieve more inclusive growth.

The ADB said Sri Lanka’s economic recovery presents a unique opportunity to address long-standing structural barriers facing women and to build a more inclusive labour market that fully utilises the country’s human capital.

By Sanath Nanayakkare

Business

ComBank offers exclusive financial solutions to the ‘Guardians of the Skies’

Published

9 hours ago

2026/06/5

Thilina Walpola

Hasrath Munasinghe, Chief Operating Officer of Commercial Bank and Air Vice Marshal Rajinth Jayawardena, Director General Welfare of the SLAF exchange the agreement in the presence of representatives of the two organisations.

Reinforcing its commitment to those who serve the nation, the Commercial Bank of Ceylon has entered into a Memorandum of Understanding with the Sri Lanka Air Force (SLAF) to introduce a comprehensive suite of concessionary financial facilities for its officers and other ranks.

The partnership, unveiled in a year that marks the 75th anniversary of the Air Force, which was founded in March 1951 as the Royal Ceylon Air Force, reflects a shared recognition of the critical role played by the SLAF as the steadfast ‘Guardians of the skies,’ entrusted with safeguarding the country’s security and sovereignty.

Under the terms of the agreement, Commercial Bank will extend a range of specially tailored financial products to SLAF personnel, including personal loans, leasing facilities, housing loans and credit cards. These facilities will be offered at concessionary interest rates, alongside concessions on documentation charges, enabling Air Force personnel to access financial support on more favourable terms.

The Bank said the initiative is part of its continuing efforts to deliver best-in-class lending solutions that are both accessible and responsive to the diverse needs of its customers. By offering attractive and affordable repayment structures, the scheme is designed to empower SLAF officers and other ranks to meet their personal financial requirements with greater ease and flexibility.

A key feature of the programme is the ability for beneficiaries to align repayments with their income patterns, ensuring that the facilities remain practical and sustainable over the long term. This flexibility, combined with preferential pricing, is expected to make a meaningful difference to the financial wellbeing of Air Force personnel and their families.

Business

Treasury Bill rate hike compounds stock market volatility

Published

9 hours ago

2026/06/5

Thilina Walpola

The CSE was extremely volatile yesterday mainly due to external and internal negative factors.

‘The escalation of the war situation in West Asia and the proposed tariff hike on Sri Lanka’s exports to the US by the Trump administration are worsening Sri Lanka’s economic woes. Further, the government’s decision to increase the Treasury Bill rate has also created some uncertainty in the market, stock analysts said.

The All Share Price Index was up by 249.83 points, while the S and P SL20 rose by 67.61 points. Turnover stood at Rs 2.79 billion with 11 crossings.

Companies that mainly contributed to the turnover by way of crossings were: Chevron Lubricants 1.5 million shares crossed to the tune of Rs 294 million and its shares traded at Rs 196, TJ Lanka 2.9 million shares crossed for Rs 90.8 million; its shares traded at Rs 31, Citizens Development Business Finance 2.5 million shares crossed to the tune of Rs 80.2 million; its shares traded at Rs 32.50.

ACL Cables 634,248 shares crossed for Rs 60.9 million; its shares traded at Rs 96, CCS 438,000 shares crossed to the tune of Rs 57.4 million; its shares traded at Rs 131, Overseas Realties 991,500 shares crossed for Rs 49.6 million; its shares traded at Rs 50 and Access Engineering 653,000 shares crossed to the tune of Rs 49.3 million; its shares sold at Rs 75.50.

In the retail market companies that mainly contributed to the turnover were; Dialog Rs 133 million (3.2 million shares traded), Seylan Bank (Non-Voting) Rs 110 million (1.7 million shares traded), Colombo Dockyard Rs 96.8 million (751,548 shares traded), Ceylinco Holdings (Non-Voting) Rs 77.5 million (516,000 shares traded), Sampath Bank Rs 74.2 million (530,000 shares traded), JKH Rs 74 million (3.7 million shares traded) and LMF Rs 65 million (781,000 shares traded). During the day 123 million share volumes changed hands in 26272 transactions.

It is said that the manufacturing sector, especially Chevron Lubricants and several other firms performed well, while the banking and financial sector performed too.

Yesterday the rupee was quoted flat at Rs 334.50/335.50 to the US dollar in the spot market on, unchanged from the previous day’s close, dealers said, while bond yields were broadly steady.

The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was Rs 330.50 buying, Rs 339.50 selling; euro was Rs 381.1884 selling, Rs 395.1054 buying; and the pound Rs 442.6620 buying Rs 456.7076 selling.

A bond maturing on 01.08.2030 was quoted at 12.12/20 percent, down from 12.15.25 percent.

A bond maturing on 15.06.2034 was quoted at 13.12/20 percent, down from 13.15/25 percent.

A bond maturing on 15.03.2035 was quoted flat at 13.15/25 percent.

By Hiran H Senewiratne