Category: Commodity
Oil prices volatile after OPEC comments, now down 3 pct
Sept 01, 2015 (LBO) – Oil prices remained volatile in Asian trade on Tuesday plunging three percent after an eight percent rally earlier on reports that OPEC was willing to talk to other producers to achieve reasonable oil prices.A downward revision of U.S. output data had propelled a sharp three-day rally. Brent Crude was quoted […]
Lanka IOC Q1 profit falls with lower oil prices
Aug 25, 2015 (LBO) – Fuel retailer Lanka IOC said profits in the three months to June fell to 171 million rupees from 1.2 billion rupees in the same period last year amid a sharp drop in international oil prices. Net profit plunged to 1.8 billion rupees in the full-year to March, from 4.8 billion […]
Ceypetco To
22 Aug, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corp will seek to, a report said.“There has been a change in the refinery process and it’s now more profitable for (Ceypetco) to,” a source told Reuters.“There is a higher yield of value-added oil products like middle distillates and gasoline and the sulphur is low.” Sri […]
Sri Lanka records a deflation of 0.2-pct in July after two decades
July 30, 2015 (LBO) – Sri Lanka has experienced a deflation of 0.2 percent for July 2015, for the first time after March 1995. The main contributor for this decline was the major decrease in non food prices, statistics department said. “This was mainly due to the decrease of electricity and water bills, LP gas, […]
Sri Lanka’s Carson says palm oil market seems promising despite crude oil price drop
July 28, 2015 (LBO) – The palm oil industry looks promising and demand should grow in future despite the price drop of crude oil and maturing trees, according to Sri Lanka’s Carson Cumberbatch group with plantations in Malaysia and Indonesia. However in spite of positive expectations, Carson’s palm oil prices experienced much volatility during the […]
Gold, platinum prices drop to 5 year low with speculation over US interest rate rise
July 20, 2015 (LBO) – World gold prices have fallen to its lowest in more than five years in anticipation of a US interest rate rise this year, foreign media reported.The price has fallen four percent to as low as $1,088.05 an ounce in Asian trade, the lowest since March 2010.“Talks of US interest rate […]
‘s Oil Production Could Rise Faster Than Expected
July 20, 2015 (LBO) – Iran’s oil production could increase faster than analysts predict, said an International Energy Agency official, after a nuclear deal with world powers lifted sanctions on oil exports. Most analysts expect Iran will take at least one year to reach the pre-2011 production level of 3.8 million barrels a day from […]
Sri Lanka Litro to reduce gas prices: Can further reduce after exposing corruption
June 14, 2015 (LBO) – Sri Lanka’s state run, Litro Gas Lanka says it will reduce the prices of Litro Gas refills with effect from mid night, today.“We are pleased to inform our customers that due to the new policies and procedures adopted, we have obtained the necessary approval to reduce our prices of Litro […]
Sri Lanka may increase taxes for tobacco and alcoholic products in the next budget
July 8, 2015 (LBO) – Sri Lanka may increase the taxes for tobacco and alcoholic products in the coming budget as the economic loss for the country is threefold than the income from these products to the government, government official said.“We expects the government will take action with regard to the price of tobacco and […]
Sri Lanka’s Plantation association says adequate replanting rates maintained for tea and rubber
July 7, 2015 (LBO) – Sri Lanka’s Regional Plantation Companies (RPCs) say that they have maintained adequate replanting rates in the tea and rubber estates and increased crop production despite having only 59 percent of the workers and 82 percent of the crop bearing extent compared with the time of privatization in 1992. “The ‘Indenture […]
US reauthorized GSP, Duty Free Entry for 5000 products from 122 countries and territories
July 3, 2015 (LBO) – Sri Lanka’s Department of Commerce says that the US President has restored US Generalized System of Preferences (GSP) with effect from 29.06.2015 with retroactive respect including Sri Lanka.A statement said that the US President signed into law HR 1295 on June 29, 2015 re-authorizing the US GSP Programme until 31 […]
Sri Lanka CPC loss Rs5bn in the first four months to April 2015
July 2, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corporation, reported a loss of 5 billion rupees by the end of month of April 2015 despite the oil price reduction of the world market, state statistics report showed.The CPC’s total cost of the petroleum products imports during the first four month is around 90 billion […]