News
Petrol price jacked up to cover losses due to demurrage – official

By Shiran Ranasinghe
The price of petrol had been increased by Rs 30 recently mainly to cover the losses due to late payments for oil shipments, a senior Ceylon Petroleum Corporation official told The Island. The CPC has been making profits since the prices of fuel were increased, but it still has some expenses that makes it bleed money, he said.Around 70 percent of petrol and diesel were not refined here, he said.
“When we import petrol and diesel we have to pay demurrage, late fees, port charges and shipping charges. To meet these expenses, the CPC has been compelled to increase petrol price Rs 30,” he said, adding that in July 2022, the price of a barrel of petrol was USD 159 and it had dropped to USD 105 dollars. However, the price had gone up by USD 2.5 dollars in January compared to December 2022, he said.
Meanwhile, Chaminda Hettiarachchi, Additional Secretary to the Ministry of Power, said that the price had been increased according to the price formula for fuel.Media spokesperson of the Samagi Trade Unions Collective, Ananda Palitha, said that if the price had been increased due to the price formula, prices of other types of fuel, too, should increase.
Palitha said the CPC had earned a profit of Rs. 8 billion in 2022 and bonuses to the tune of Rs. 2.2 billion in December 2022.
“Right now, the CPC makes a 75-rupee profit from selling a litre of petrol, 60 rupees from diesel and 155 from kerosene. The CPC has to pay one billion rupees to banks. All these expenses are now passed on to the people,” he said, adding that if the Sapugaskanda Oil Refinery had been developed, the CPC would have been able to make bigger profits.
“It’s cheaper to import crude oil. The tankers are large, and we can bring in larger quantities at once. Also, the byproducts of refining can be used for many productive activities. This is what we have to do,” he said.
Latest News
Navy seize two Indian fishing boats poaching in Sri Lankan waters north of Mannar

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The seized boats together with the fourteen Indian fishermen were brought to the Iranativu Island and they were to be handed over to the Assistant Directorate of Fisheries, Kilinochchi for onward legal proceedings.
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Business
President invites exporters to rise again from the economic setback

President Anura Kumar Disanayake invited Sri Lankan exporters to rebuild and thrive on a robust economic foundation.
The President emphasized that our country faces the challenge of capturing market share from a position of relative weakness. He pointed out that, to overcome this, external support had to be sought. In this regard, he highlighted that the government is prepared to provide assistance for recovery based on the current economic stability.
President Anura Kumar Disanayake made these remarks at the 26th Presidential Export Awards Ceremony.
The 26th Presidential Export Awards, organized by the Sri Lanka Export Development Board (EDB), was held on Friday (07) at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of President Anura Kumar Disanayake.
The main objective of the awards ceremony is to recognize exporters who have made significant contributions to the economic development of Sri Lanka.
The Presidential Export Award, presented by the President, is the highest honour for Sri Lankan exporters who have made significant contributions to the export sector and economic development.
The Presidential Export Awards program, initiated by the EDB in 1981, has been held annually to recognize Sri Lanka’s top exporters. The awards ceremony for the 2023/24 financial year took place this year.
A total of 14 major awards and 51 awards in the categories of production and services were presented, with recipients gaining the opportunity to use the Presidential Export Award logo as a marketing tool for three years.
President Anura Kumar Disanayake further emphasized the critical importance of the trust placed in Sri Lanka by international economic stakeholders to stabilize the country’s economy. He noted that the global market economy is interconnected, not entirely independent.
He further pointed out that the primary challenge facing Sri Lanka is securing a substantial share of the market amidst the current global division of markets and the ongoing competition to reclaim market shares.
President Anura Kumar Disanayake noted that the global market has become an interconnected network. He emphasized that in order for the country to become a key participant in this market, it must engage in trade agreements that are beneficial to Sri Lanka. He cautioned that aggressive, reckless approaches to market penetration would not be successful, stressing the need for strategic, thoughtful engagement.
The President further stated that the government is already taking steps to provide the necessary technical support for Sri Lankan exporters to enter the market with high-quality products. He highlighted the government’s focus on supplying new goods and services in response to global changes, in line with international market trends.
Regarding the reduction of electricity bills, the President mentioned that the government is prioritizing renewable energy sources to maintain long-term stability in energy costs. He added that efforts are underway to lower costs and ensure stable pricing over the next few years.
President Disanayake also emphasized that the government is committed to playing a pivotal role in advancing the nation’s economy to new heights. He noted that even small or misguided decisions can have significant negative impacts on the economy, and therefore, decisions regarding the economy must be made with great caution and foresight.
In his remarks, the President assured that the government is fully committed to fulfilling exporters’ requests, which are vital to strengthening the nation’s economy and maintaining a strong economic foundation.
Finally, the President invited Sri Lankan exporters to unite in strengthening the economy, stressing the importance of collaboration and mutual understanding to navigate the challenges of economic recovery and growth effectively.
The ceremony was attended by several distinguished individuals, including Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, Minister of Energy Kumara Jayakody, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, Chairman and Chief Executive of the Export Development Board of Sri Lanka Mangala Wijesinghe, Chairman of the Ceylon Chamber of Commerce Duminda Hulangamuwa, along with various Ministers, Deputy Ministers, Parliamentarians, foreign diplomats, Secretaries to the Ministries, and members of the EDB.
[PMD]
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