News
SJB TU accuses CPC, LIOC and Sinopec of making unconscionable profits
slams Opposition for not taking up issue
by Shamindra Ferdinando
Convenor of the Samagi Joint Trade Union Alliance, Ananda Palitha, yesterday (03), said that the Ceylon Petroleum Corporation (CPC) had increased prices of all products in spite of earning a monthly profit of Rs. 12 bn at present.
Palitha, a former CPC employee, said that from September to December 2022, the CPC had earned a monthly profit of Rs 10 bn. Therefore, there couldn’t have been any justifiable reason for the upward revision of fuel prices. Responding to The Island queries, Palitha pointed out that parliamentary watchdog committees and the ministerial consultative committee should look into the matter without delay. He said the Opposition had not taken up the issue, adding that, the CPC had fuel stocks sufficient for three months.
“The CPC’s September profits will soar sharply at the expense of the public,” Palitha said, adding that the abolition of the QR-based quota system was intended to boost retail sales. Palitha pointed out that Lanka IOC and Chinese enterprise Sinopec, too, had substantial fuel stocks at the time of the latest increase. The CPC had announced the revision within 24 hours after Sinopec opened its first outlet at Mattegoda, Palitha said, claiming that their profits would be massive.
The CPC set the price of petrol (92) at Rs 361 (Rs 13 increase), petrol (95) at Rs 417 (Rs 42 increase), auto diesel Rs 341 (Rs 35 increase), Super diesel Rs 359 (Rs 1 increase), kerosene Rs 231 (Rs 5 increase) at midnight Aug. 31.
“Last month, the CPC earned Rs 12 bn profit. It’ll go up by several billions, definitely passing Rs 15 bn mark,” Palitha said, urging President Ranil Wickremesinghe, who is also the Finance Minister, to inquire into the CPC’s unfair practices which adversely affected all sectors.
Close on the heels of the CPC announcement, the government allowed a four-percent increase in bus fares. Transport costs, too, went up overnight resulting in an increase in the prices of vegetables and all other commodities.
Minister Wijesekera is on record as having said that the entry of a third player (Sinopec) will help stabilise the petroleum market, guarantee an uninterrupted supply of quality product and bring about competitive prices. Instead, the CPC had increased the petroleum, Palitha said.
In terms of the provisions of the Establishments Code on payment of festival advance to government officers, there’s a possibility of obtaining rupees 10,000/- as an advance for celebrating festivals of Theipongal, Ramazan, Sinhala and Hindu New Year, Wesak, Deepavali, and Christmas as well as for pilgrimages (Sri Paada pilgrimage and Hajj pilgrimage).
Provisions have been given to recover the said advance in 08 installments or if required earlier without interest. It has been proposed by the Budget 2026 to increase the said festival advance up to rupees 15,000/-.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the Minister of Public Administration, Provincial Councils and Local governments to revise the relevant provisions so that the festival advance can be increased up to rupees 15,000/- .
As per the approval given by the cabinet meeting held on 02-06-2025, action is being taken at present to offer the underutilized lands/properties of the Sri Lanka State Plantation Corporation, the Janatha Etate Development Board, and the Elkaduwa Plantation Company which are under the Ministry of Plantation and Community Infrastructure which have been identified under stage one to suitable investors.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Plantations and Community Infrastructure to provide following lands/properties on a lease basis to the suitable investors for optimal utilization following the prescribed procurement procedure.
• underutilized lands/properties identified under stage two owned by the Sri Lanka State Plantation Corporation, the Janatha Estate Development Board, and the Elkaduwa Plantation
Company,
• The Mawarala watte land and the Tea factory 40.48 hectares in extent, located in Matara District belonging to the Tea Shakthi Fund.
• The underutilized land of 1,541 hectares in extent of Kondachchi Estate is enjoyed by the Sri Lanka Cashew Corporation.
The drafting of the National Fisheries and Aquaculture Policy has commenced with the objective of equitable distribution of the benefits of the fisheries industry and the sustainable management of fisheries and aquaculture. This policy has been updated from time to time according to current requirements. However, steps have not been taken to obtain the approval of the Cabinet of Ministers for that purpose.
According to the policy declaration of the present government, ‘Vistas of Prosperity and Splendor’ the National Fisheries and Aquaculture Policy has been redrafted, updating the aforementioned policy in line with the economic and development objectives of the government.
The recommendations of the Department of National Planning have been received for the drafted policy.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Fisheries, Aquaculture, and Marine
Resources to implement the National Fisheries and Aquaculture Policy, integrating it with other relevant policies.
Lanka Premier League draft set to take place on March 22
Trump to meet Venezuelan opposition leader Machado at the White House
Festival advance for government officers to be increased
Providing underutilized lands/properties to suitable investors for optimal utilization.
Implementation of the National Fisheries and Aquaculture Policy
Expressions of Interest called to develop selected locations within the Pelawatte Sugar Factory premises
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