Category: Petroleum

SINGAPORE, June 12, 2006 (AFP) – Oil prices were easier in Asian trade Monday, with the market waiting for the next lead on tensions over Iran’s controversial nuclear programme after a fresh spike Friday, dealers said. At 10:30 am (0230 GMT), New York’s main contract, light sweet crude for July delivery, was down 11 cents […]

June 10, 2006 (LBO) – Sri Lanka raise fuel prices from midnight Saturday after a two-month lag to offset a surge in global oil prices, a top official said. Sri Lankan guzzles around 30 million litres of petrol, 130 million litres of diesel and 18 million litres of kerosene each month. -by Mel Gunasekera The […]

June 9, 2006 (LBO) — Sri Lanka plans to repay millions of dollars due to the troubled fuel retailer Lanka IOC, in cash and bonds to meet immediate purchases of petrol stocks, the Indian firm said Friday. To date, Colombo owes the Indian fuel retailer over 76 million dollars in unpaid subsidies for selling fuel […]

NEW DELHI, June 6, 2006 (AFP) – A sharp hike in Indian fuel prices sparked uproar against the government Tuesday as both its communist allies and the main opposition Hindu nationalist party vowed nationwide protests. Even senior members of the ruling Congress party demanded the rollback of the rise aimed at bringing fuel prices closer […]

June 06 (LBO) – Lanka Indian Oil Corporation has asked the Treasury for a billion rupees of its unpaid subsidy bill to buy fuel, as petrol stocks threaten to run dry in two days. The government owes the company Rs. 7.44 billion in unpaid subsidies as at end March this year, with the firm saying […]

Jun 01 (LBO) – The government has approved a restructuring plan for loss making Ceylon Electricity Board (CEB), which includes re-scheduling 60 billion rupees of its long term debt. Top officials said Thursday that 50 percent of the debt will be off-loaded to the Treasury, with CEB taking over repayment once the Norachcholai coal plant […]

May 31, 2006 (LBO) – Sri Lanka’s Energy Minister has set the stage to take back Ceylon Petroleum Corporation assets, currently vested with the Treasury. Officials from CPC will sit down with their treasury counterparts this week to push for another fuel hike to keep up with runaway world crude oil prices. Fowzie says CPC […]

May 23, 2006 (LBO) – Cash strapped retail fuel supplier Lanka IOC has put a break on future imports, citing an unpaid 7.44 billion rupee subsidy payment at the centre of a dispute with the government. A unit of the Fortune 500 Indian Oil Corp., Lanka IOC says they have sufficient stocks to cover 43 […]

May 17 (LBO) – Petroleum retailer Lanka IOC, Friday reported a 7.1 billion rupee loss for the year ended March 31, as the Sri Lankan government fail to settle its subsidy bills. A unit of the Fortune 500 Indian Oil Corp., LIOCs financial health has been deteriorating since total subsidy claims climbed up to 7.695 […]

May 17, 2006 (LBO) – Runaway global oil prices is expected to cost Sri Lanka 2,250 million dollars this year, the government said Wednesday, in a broad hint that a retail fuel price revision was around the corner. Sri Lanka is a net oil importer, with last year’s fuel bill climbing up to 1.64 billion […]

May 16 (LBO) – A top economist tells Sri Lanka not to delay petroleum pricing reforms by taking cover behind potential oil reserves. Sri Lanka is a net oil importer, with a fuel bill in the region of 1.6 billion dollars (160 billion rupees) last year, over 800 million dollars the year before, driven upwards […]