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Godahewa sounds alarm over attempts to privatise profitable Insurance Corporation

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By Rathindra Kuruwita

The government was all out to privatise profit-making government institutions on the pretext of restructuring Sate Owned Enterprise (SOEs) Dr. Nalaka Godahewa said on Wednesday night following a meeting with representatives from the Sri Lanka Insurance Corporation (SLIC) unions.

“A large number of people now believe loss-making SOEs must be restructured or privatised. The government is using this sentiment to privatise profit making entities. If we do this, the state will lose its income while continuing to be burdened with loss making enterprises,” he said.

Dr. Godahewa, a former Chairman of the Sri Lanka Insurance Corporation said that the President and some ministers were speaking about privatising the SLIC. By misdirecting public sentiment to get rid of profit-making state assets, the government might be trying to sell them to political allies.

“SOEs must be reformed, but we must have a proper plan on what needs to be done.

Meanwhile, E.W.U.R. Diwakara of the Rakshana Podu Sewaka Sangamaya said the SLIC should not be privatised and they would launch union action if that is attempted.

H.L. Sugath, President of the Sri Lanka Nidahas Sewaka Sangamaya said that SLIC was a profit making entity and made a profit of close to 10 billion rupees in the last financial year.

“SLIC also helps vulnerable groups. We get very little profit from that. A private company will never accept such low profit margins. The privatisation of the SLIC would be a disaster for the vulnerable people,” he said.



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Former first lady Shiranthi Rajapaksa arrested by CIABOC

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Former first lady Shiranthi Rajapaksa, wife of former President Mahinda Rajapaksa was  produced before the Hulftsdorp court, after  being  arrested by officers of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and produce

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U.S. Navy ship USS Tulsa arrives in Colombo for replenishment visit

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The U.S. Navy ship USS Tulsa (LCS 16) arrived at the Port of Colombo this morning, 7 October 2026 for replenishment purposes.

The visiting ship was welcomed by the Sri Lanka Navy in accordance with naval traditions.

The 127.7-metre-long platform is a Littoral Combat Ship commanded by Commander BM Wanier. Commissioned on 16 February 2019, USS Tulsa has since been in service with the US Navy.

The ship previously made a port call in Sri Lanka on 27 August 2025.

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Fuel crunch looms

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Govt. tells fuel distributors to maintain stocks to ensure uninterrupted supplies

by Saman Indrajith and Norman Palihawadane

The government had instructed private fuel distributors to maintain minimum stocks and ensure uninterrupted supplies to the market, Energy Minister Anura Karunathilaka told Parliament yesterday (06).

Karunathilaka said the Ministry of Energy Secretary had notified the relevant companies of the requirement, following a reduction in supplies by some private distributors, amid higher international fuel prices.

The Minister said private companies had informed the government that they were facing losses because international prices had risen while fuel was being sold, locally, at prevailing prices. As a result, some companies had reduced the volumes released to the market.

The reduced supplies had increased the burden on the Ceylon Petroleum Corporation (CPC), whose share of the diesel market had risen from about 54% to 82%, the Minister said.

“The CPC currently holds an 82% share of the market,” he said, adding that it had increased its supplies, compared with February, to compensate for the reduction by private distributors.

Karunathilaka said the government could not, under the existing agreements with private companies, specify the quantities they should supply to individual filling stations. However, it could require them to maintain minimum stocks in the country.

The Minister said the Energy Ministry had already instructed companies that had failed to maintain the required stocks to take steps to prevent supply disruptions.

The Minister attributed the queues reported at some filling stations to reduced supplies from private distributors, as well as normal variations in fuel distribution. He also said demand for CPC fuel had increased because private companies generally did not provide fuel to dealers on credit, while the CPC offered a three-day credit facility.

“We expect that, as the Ceylon Petroleum Corporation takes on this additional burden, the problem will ease to some extent by Wednesday or Thursday,” Karunathilaka said.

He said instructions had also been issued to increase supplies to CPC filling stations. A special discussion on the issue is scheduled for today (07), with officials of the Energy Ministry and CPC expected to participate,

along with President Anura Kumara Dissanayake.

Meanwhile, Petroleum Dealers’ Association officials have called for an early solution to the supply issue. Association Chairman D.V. Shantha Silva said queues had been reported at many filling stations, mainly those operated by private distributors.

He said the situation was not due to an overall shortage of fuel, but was linked to reduced orders by Lanka IOC, Sinopec and R.M. Parks amid concerns over losses incurred on fuel sales.

The Ceylon Petroleum Private Tanker Owners Association has urged motorists to refrain from panic buying, saying there was no nationwide disruption to fuel supplies.

The government earlier increased fuel prices and introduced a per-litre diesel subsidy following concerns raised by distributors over rising international prices.

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