Category: Petroleum
LAUGFS Gas Partners with Colombo City Centre as its exclusive LPG service provider
LAUGFS Gas has come into an exclusive arrangement with Colombo City Centre’s upcoming mall to provide LPG to all its restaurants and food outlets. With the development of Sri Lanka’s first Board of Investment (BOI) approved mixed-use development project, LAUGFS Gas, the only private sector energy player in the local LPG market, recently announced a […]
Sri Lanka hikes premium fuel prices
Aug 10, 2018 (LBO) – Sri Lanka has increased the prices of petrol (95) by 2.00 rupees to 167 rupees and super diesel by 1.00 rupee to 130 rupees, the Finance Minister announced a short while ago.“Although international fuel prices came down last month, there was uncertainty in the Middle East and last week prices were […]
Govt nod to call for bids in Mannar, Cauvery basins for oil exploration
Aug 01, 2018 (LBO) – Sri Lanka’s cabinet of ministers has given the go ahead to call for bid from international companies to explore oil and gas deposits in the north-western Mannar and Cauvery basins, a statement said. Experts have revealed that initial studies on offshore exploration, development and production activities in the two basins have […]
‘s Finance Minister raises taxes on small vehicles
Aug 01, 2018 (LBO) – Sri Lanka’s Finance Minister has signed the gazette notification to amend the excise duties of vehicles below 1000cc category with effect from 01 August 2018, the Finance Ministry said.Accordingly, a unit tax of 1.5 million rupees will be taxed for a motor car below 1000cc while a unit tax of 1.25 million rupees will […]
US Trade Court nullifies tax on Sri Lanka rubber tyre imports in historic judgement
July 17, 2018 (LBO) – Sri Lanka has won the first ever revocation of countervailing duty imposed in US for a Lankan export with the removal of duties on the import of off-the-road (OTR) rubber tyres from Sri Lanka to the United States, Ministry of Industry & Commerce said in a statement. The statement is […]
Sri Lanka President, Fin Min agree to go ahead with fuel price formula, Prices hiked
Jul 10, 2018 (LBO) – Sri Lanka’s President and Finance Minister following meeting earlier Tuesday decided to revise its fuel prices according to an earlier cabinet approved pricing formula. Accordingly the price of one litre of Petrol (Octane 92) will be increased by 8 rupees to 145 rupees, Petrol (Octane 95) will be increased by 7 rupees to […]
Fuel pricing chaos: Gov Info Dept says CPC will sell fuel at previous rates
July 06, 2018 (LBO) – Government Information Department says the Ceylon Petroleum Corporation has decided to sell fuel at the previous rates. Director General of the Government Information Department, Sudarshana Gunawardana in a report to the Official Government News Portal says the circular regarding this decision has been sent to the CPC. In line with […]
Fuel prices increased; consumer rights activists want price formula public
July 06, 2018 (LBO) – Sri Lanka’s Finance Ministry has increased fuel prices of the Ceylon Petroleum Corporation with effect from midnight yesterday, sources said. However, there is no official statement about the price increase from the relevant ministries yet even though the Finance Ministry is quick to respond to political matters. According to sources, […]
Price of domestic gas cylinder reduced by 138 rupees with immediate effect
June 29, 2018 (LBO) – Consumer Affairs authority announced that the price of 12. 5 kg domestic gas cylinder has been reduced by 138 rupees with immediate effect. Accordingly, the price will be reduced to 1538 rupees from the current price of 1676 rupees. Consumer Affairs authority further said anyone found selling over and above the specified […]
Cabinet approval for electricity pricing mechanism expected by Sept: IMF
June 22, 2018 (LBO) – Cabinet approval for an automatic tariff adjustment mechanism for electricity under the 2015 tariff methodology is expected by September, an International Monetary Fund (IMF) report said. The 2015 tariff methodology introduces price stability by fixing tariffs over a period of six months, protecting end-users from volatility in the exchange rate, […]
Sri Lanka to introduce new type of petrol for Motorcycles, Three Wheelers
June 19, 2018 (LBO) – Sri Lanka’s Petroleum Ministry is looking at introducing a new type of petrol for Motorcycles and Three Wheelers giving the consumers an economic relief. Petroleum Minister Arjuna Ranatunga says the required tests to introduce this new type of petrol are now being conducted successfully. “We were compelled to increase fuel […]
Sri Lanka to introduce Euro 4 fuel in July, No impact on current pricing
Jun 14, 2018 (LBO) – Sri Lanka’s Ministry of Petroleum Resources Development said the Government will introduce Euro 4 fuel to the market and replace super diesel and 95 octane petrol, in July.“Euro 4 doesn’t affect petrol (Octane 92) and auto diesel to leave the market and the prices won’t also rise.Euro 4 will be sold as […]