Category: Petroleum
Cabinet approval to introduce a methodology to protect petroleum consumers
Sri Lanka’s cabinet has approved a proposal to sign a Memorandum of Understanding with the relevant government agencies in order to implement the draft “Declaration of Consumer Rights and Responsibilities” and “Procedure for handling complaints and resolving disputes”. It is proposed to establish an independent, transparent mechanism for receiving and resolving consumer complaints under the […]
We maintained stabilized prices for over a year despite global price increase: Litro Gas Lanka
With the COVID-19 pandemic impacting markets across the world and the currency fluctuations taking place, the global prices of LPG as one of the world’s most widely used energy sources have been volatile throughout the world. According to Argus Independent Commodity Price Reporting Agency, the leading independent provider of energy and commodity price benchmarks, rising […]
Sri Lanka to set up crude oil price stabilization fund
Mar 19, 2020 (LBO) – Sri Lanka will set up a crude oil price stabilization fund to absorb the shocks in global price fluctuations without changing the local oil prices, Co-cabinet Spokesman Bandula Gunawardane said. The government is proposing to collect 200 billion rupees for the fund to facilitate the delayed payments of the Ceylon […]
Women in the workforce and why it matters for Sri Lanka: World Bank
To mark this year’s International Women’s day, we’re discussing how Sri Lanka can benefit from more women joining the workforce and what can be done to improve their job prospects and remain at work. World Bank Country Director for Maldives, Nepal and Sri Lanka Dr. Idah Pswarayi-Riddihough was featured in a “Spotlight Series” interview with […]
‘s oil spill combat expertise
An expert team of five Japan Coast Guard (JCG) officials including two National Strike Team members specialized for combatting oil spill incidents and two Mobile Cooperation Team members specialized for the capacity development in Japan was dispatched to Sri Lanka for the period from 18 February to 27 February to conduct technical transfers to Sri […]
‘s main power outages
Feb 26, 2020 (LBO) – Continuous fuel supply from Ceylon Petroleum Corporation (CPC) has become the principal deciding factor for an uninterrupted power supply in Sri Lanka, a recent report highlighted. According to the latest power outage report of the Ceylon Electricity Board (CEB), exceeded credit limits have left the CPC with no other option […]
Sri Lanka raids and finds substandard lubricants products worth Rs. 2.5Mn
Feb 19, 2020 (LBO) – Sri Lanka carried -out an Island-wide raid on substandard and unauthorised lubricants products as the Consumer Affairs Authority (CAA) decided to investigate the importation, production, distribution and sale of lubricants and related products in Sri Lanka due to increase number of consumer complaints on low-quality lubricants in the market. Accordingly, […]
Disclosure statement on Lanka IOC by Fitch Ratings
Feb 11, 2020 (LBO) – Fitch Ratings, making a disclosure in response to market enquiries about ratings of LIOC, said that they did not provide ratings or analytical coverage of Lanka IOC beyond 1 February 2017. Fitch Ratings assigned a private monitored National Long-Term Rating of ‘AA(lka)’/Stable to Sri Lanka-based Lanka IOC PLC (LIOC) on […]
Lanka IOC (LIOC) reports profit of Rs490mn for the quarter
January 29, 2020 (LBO) – Colombo Stock Exchange listed Petroleum retailer Lanka IOC (LIOC) has reported a profit of Rs490mn for the quarter ended December 31, 2019. This is in contrast to a loss of close to a billion Sri Lankan Rupees in the prior year December quarter. Results were likely benefitted by lower oil […]
Price of Litro brand domestic gas cylinders down
The price of Litro brand gas cylinders has been reduced from midnight today. The prices of 5 Kg and 2.3 Kg LPG gas cylinders too have been reduced accordingly. The price of a 12.5 Kg LPG domestic Litro gas cylinder has been reduced by Rs 240.00 in Colombo District and by Rs 251.00 in all […]
‘s Sinopec sets up fuel oil unit in Sri Lanka
July 16, 2019 (LBO) – China Petroleum and Chemical Corp, Sinopec Corp has launched a fuel oil company in Sri Lanka as it looks to supply fuel to ships along a major maritime route, foreign media reported. Sinopec says the market to supply fuel to ships has “huge” potential, citing the strategic location of Hambantota […]
Hyrax Oil lubricant blending plant declared open in Muthurajawela
Jun 24, 2019 (LBO) – Prime Minister Ranil Wickremesinghe declared open the Hyrax Oil lubricant blending plant in Muthurajawela today. The is the second of its kind which has been built outside Malaysia by Hyrax Oil with a 30 million US dollar investment. The plant is a Build, Operate and Transfer (BOT) investment and the […]