News
State Minister assures enough petroleum stocks until June next year
State Minister of Power and Energy, D.V. Chanaka, assured the public on Thursday (19) that there is no imminent risk of a fuel shortage in Sri Lanka. He explained that Sri Lanka’s fuel imports remain unaffected by the ongoing conflict between Israel and Palestine.
Chanaka emphasized that tenders for fuel imports needed until June 2024 have already been successfully completed, ensuring a continuous supply of fuel during that period. The government’s decision to entrust the supply of fuel to China’s Sinopec is expected to result in substantial foreign exchange savings, estimated to be over 500 million U.S. Dollars.
During a press briefing at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country,’ State Minister D.V. Chanaka highlighted the recent fuel crisis faced by the country, with shortages and long queues at gas stations. However, he mentioned that this situation was resolved swiftly.
He pointed out the fluctuation in crude oil prices in the global market, with prices varying from $50 per barrel in January 2022 to $100 per barrel due to factors such as the Russian-Ukrainian conflict. While there was a slight decrease in crude oil prices earlier this year, recent events in the Gaza Strip led to a 4% increase in fuel prices worldwide, offsetting the relief from falling crude oil prices. Although Israel and Palestine are not major fuel producers or distributors, the potential involvement of Iran added to the global market’s uncertainty.
Chanaka emphasized that despite these global conflicts, Sri Lanka’s fuel imports have continued without disruption. The government has also allowed three other suppliers, including China’s Sinopec, to provide fuel to the country. Sinopec has already commenced operations in Sri Lanka, resulting in savings of approximately 40 million USD in foreign exchange per season. These measures are expected to contribute to saving more than 500 million USD in foreign exchange annually.
Furthermore, these actions have helped reduce the risk to the dollar reserves held by the Ceylon Petroleum Corporation, and efforts are underway to pass on these benefits to consumers. Chanaka also mentioned the establishment of a reserve of 200 million USD for oil purchases, a noteworthy step in Sri Lanka’s energy security.
Members of the Civil Security Department have donated a day’s salary to the Rebuilding Sri Lanka Fund, which was established to restore livelihoods and rebuild the country following the devastation caused by cyclone Ditwah.
Accordingly, a cheque amounting to Rs. 40,870,686 was handed over on Thursday (22) at the Presidential Secretariat by the District Officer of the Civil Security Department G.Y.B. Perera to Secretary to the President, Dr. Nandika Sanath Kumanayake.
Secretary to the Ministry of Public Security Ravi Seneviratne and Director General of the Civil Security Department, Major General Palitha Fernando (Retired), were also present on the occasion.
The Colombo Stock Exchange (GL 12) has contributed LKR 25 million to the Rebuilding Sri Lanka Fund.
The cheque was handed over to the Secretary to the President Dr. Nandika Sanath Kumanayake by the Chairman of the Colombo Stock Exchange, Dimuthu Abeyesekera, the Chief Executive Officer Rajeeva Bandaranaike and Senior Vice Chairman Kusal Nissanka at the Presidential Secretariat.
News
Karu argues against scrapping MPs’ pension as many less fortunate members entered Parliament after ’56
Former Speaker of Parliament Karu Jayasuriya has written to President Anura Kumara Dissanayake expressing concerns over the proposed abolition of MPs’ pensions.The letter was sent in his capacity as Patron of the Former Parliamentarians’ Caucus.
In his letter, Jayasuriya noted that at the time of Sri Lanka’s independence, political participation was largely limited to an educated, affluent land-owning elite. However, he said a significant social transformation took place after 1956, enabling ordinary citizens to enter politics.
He warned that under current conditions, removing parliamentary pensions would effectively confine politics to the wealthy, business interests, individuals engaged in illicit income-generating activities, and well-funded political parties. Such a move, he said, would discourage honest social workers and individuals of modest means from entering public life.
Jayasuriya also pointed out that while a small number of former MPs, including himself, use their pensions for social and charitable purposes, the majority rely on the pension as a primary source of income.
He urged the President to give due consideration to the matter and take appropriate action, particularly as the government prepares to draft a new constitution.The Bill seeking to abolish pensions for Members of Parliament was presented to Parliament on 07 January by Minister of Justice and National Integration Dr. Harshana Nanayakkara.
Civil Security Department Members Contribute a Day’s Salary to ‘Rebuilding Sri Lanka’ Fund
Naqvi casts uncertainty on Pakistan’s participation in T20 World Cup after Bangladesh ouster
Root 75 sets up series-levelling win after spin-heavy England limit Sri Lanka
Sri Lanka succumb for 219 as spin-heavy England turn screw
T20 World Cup 2026: ICC replace Bangladesh with Scotland
Indonesia landslide kills 7, dozens more missing
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
Editorial7 days agoIllusory rule of law
-
Features7 days agoDaydreams on a winter’s day
-
Features7 days agoSurprise move of both the Minister and myself from Agriculture to Education
-
Features6 days agoExtended mind thesis:A Buddhist perspective
-
Features7 days agoThe Story of Furniture in Sri Lanka
-
Opinion5 days agoAmerican rulers’ hatred for Venezuela and its leaders
-
Features7 days agoWriting a Sunday Column for the Island in the Sun
-
Business3 days agoCORALL Conservation Trust Fund – a historic first for SL