Category: Petroleum
Cheap Cheap
June 30, 2006 (LBO) – Ceylon Petroleum Corp or Ceypetco has developed a lower octane gasoline for use in three wheelers, motorbikes, the island’s sole oil refiner said Friday. The ‘RON 87 petrol’ has been developed by CPC scientists and engineers to ensure three-wheelers have the right formula for fuel. CPC says three-wheeler taxis can […]
Light Savings
June 29 (LBO) – All consumers who save electricity will get a 10 percent discount on their next bill, while low usage will also be rewarded with free energy saving bulbs. The first 30 units will be exempt, while usage between 31 and 90 units will be charged an extra one rupee a unit, and […]
Burning Low
June 18, 2006 (LBO) – Sri Lankans have been urged to crawl under the sheets early, turn up the heat on air-conditioners and give up late night football to save energy¦..or not. But despite the best laid plans, “what people really respond to is price”, Siyambalapitiya says, over any real goodwill to dim the lights […]
Simmering Heat
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 […]
Top Secret
June 12, 2006 (LBO) – The Sri Lankan government is to ink a deal with Lanka Indian Oil Corp, towards the end of this month, to amend the petroleum pricing formula, officials said. “The small changes to the pricing formula are part of the agreement we reached with the Sri Lanka government on settling the […]
Slow Trot
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 […]
Olive Branch
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 […]
Oil Strikes
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 […]
Desperate Times
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 […]
Package Deal
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 […]
Petroleum Politics
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 […]
Dire Straits
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 […]