Category: Petroleum
State Fat
June 01, 2008 (LBO) – Sri Lanka needs to market price energy and consumers are now not only paying for the rise in international prices, but also for the high expenditure involved in operating the public sector, a think tank has said. Referring to official statements that the fuel import bill this year may be […]
Burst Bubble?
May 30, 2008 (LBO) – World oil prices held steady in Asian trade on Friday after sharp falls on concerns over falling demand in the United States and other developed countries, analysts said.New York’s main oil futures contract, light sweet crude for July delivery, was 17 cents lower at 126.45 dollars a barrel after losing […]
Wobbly Bubble
May 28, 2008 (AFP) – Oil prices slipped back under 127 dollars on Wednesday, falling further from record highs amid concern about the strength of US energy demand while traders digested Indonesia’s exit from OPEC.“The global economy is facing the third great oil shock of recent decades,” Brown wrote in the The Guardian newspaper. “It […]
Unilateral
May 27, 2008 (LBO) – Lanka IOC, the Sri Lanka unit of the Indian Oil Corporation is raising diesel prices by 20 rupees a litre from midnight Tuesday, the company said. Wheat prices peaked in February, gold in March and rice in April. Oil however is still buoyant hitting a new high of 135 dollars […]
Targeting Exercise
May 26, 2008 (LBO) – Sri Lanka is developing a scheme to pay fuel subsidies to bus operators that may cost the exchequer 7.0 billion rupees a year, officials said, after a steep rise in diesel pushed up fares. Sri Lanka has a practice of under-pricing diesel because authorities believe that inflation is a petroleum […]
Steep Rise
May 24, 2008 (LBO) – After dragging their feet for months Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) jacked up diesel prices by an unprecedented 37 percent and petrol by 23 percent, while a unit of Indian Oil Corporation said it would follow suit. An International Monetary Fund study said this week that commodity markets […]
Fuel Mix
May 22, 2008 (LBO) – Indian Oil Corporation’s Sri Lanka unit raised diesel retail prices by 20 rupees to 100 rupees a litre putting pressure on the state-run Ceylon Petroleum Corporation (CPC) which sells more fuel to follow suit. Before the increase, Lanka IOC says it was losing 43 rupees a litre from the sale […]
Black Gold
May 10, 2008 (LBO) – Sri Lanka is to award its first offshore oil exploration contract before the end of May, petroleum minister A H M Fowzie said. The ministry was preparing a paper on bids received for offshore exploration and its recommendation to submit to the cabinet of ministers for approval next week, he […]
On Hold
May 09, 2008 (LBO) – Sri Lanka is keeping retail fuel prices at current levels despite crude oil prices soaring to new highs and mounting losses at the state oil retailer, Petroleum minister A H M Fowzie said. The state-owned oil refiner Ceylon Petroleum Corporation (CPC) had run up losses amounting to seven billion rupees […]
Serendipity
May 09, 2008 (LBO) – Sri Lanka is to start searching for oil onshore after the accidental discovery of gas seeping from the ground, government officials said. Petroleum minister A H M Fowzie said Friday the government has received technical support from Egypt to start the initial exploration work. The accidental discovery of signs of […]
Energy Projects
April 29, 2008 (AFP) – Iranian President Mahmoud Ahmadinejad on Tuesday launched a 1.2-billion-dollar project largely funded by Tehran to upgrade Sri Lanka’s sole oil refinery, officials said. Ahmadinejad and Sri Lankan President Mahinda Rajapakse planted an ebony sapling to launch work at the Sapugaskande refinery, just outside the capital Colombo. The four-year upgrade will […]
Pricing Issue
April 16, 2008 (LBO) – Sri Lanka would raise fuel prices before the end of the month after running losses of 7.2 billion rupees in 2008, petroleum minister A H M Fowzie said. Up to April 15, the state-run Ceylon Petroleum Corporation had lost 1,856 million rupees. In March the utility had lost 3,769 million […]