Tag: Petroleum

Jan 06, 2012 (LBO) – Sri Lanka’s consumer affairs office has raised the price of liquefied petroleum gas by 150 rupees per 13.5 kilogram cylinder to 2,396 rupees under a regulated pricing formula.Prices of both state-run Litro Gas and Laugfs will go up, reports said. Domestic LP Gas prices are regulated by the CAA with […]

Colombo, 2012 (LBO) – Sri Lanka is buying refined products from State-run Vietnam Oil and Gas group (PetroVietnam) favourable terms and is also getting credit facilities, petroleum minister Susil Premajayantha said. Sri Lanka’s state-run petroleum refinery, which is more suited processing Iranian crude has had trouble with other types after it became more difficult to […]

Dec 15, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation, has raised petrol by 10 rupees to 159 and two grades of furnace oil but kept diesel and kerosene prices unchanged petroleum minister Susil Premajayantha said. Underpriced energy funded with bank loans, which are ultimately accommodated by central bank credit (printed money) causes frequent […]

Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]

Dec 07, 2012 (LBO) – Sri Lanka’s Chevron Lubricants Plc, the island’s market leader, said it will shift a blending plant to an industrial estate by July 2014 at an estimated cost of 15 million US dollars. Chevron Lubricant, a privatized unit has facilities on state land. The firm said it is gettubg 4.5 acres […]

Nov 15, 2012 (LBO) – Sri Lanka will offer up to ten offshore oil blocks in a bidding round that may start as early as next month, Saliya Wickramasuriya director general of the island’s petroleum exploration office said. Blocks will be offered around the island ranging from the Western coast and curving over the north […]

Nov 12, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said profits in the September 2012 quarter rose 327 percent from a year earlier, partly helped by foreign exchange gains. The firm reported earnings of 2.22 rupees per share. In the six months to September the firm reported earnings of 2. 58 […]

Oct 30, 2012 (LBO) – Sri Lanka’s Chevron Lubriants unit said profits fell 13 percent to 521 million rupees in the September 2012 quarter from a year earlier poor market sentiment and a price hike due to currency depreciation hurting consumption. Revenues grew by a marginal 2.9 percent to 3.0 billion rupees from a year […]

Sept 20, 2012 (LBO) – Sri Lanka’s kerosene sales have come down after a price hike in February that reduced a subsidy given by tax payers, while highly taxed petrol sales continue to grow, official data show. Data released by the Central Bank shows that kerosene sales fell 26. 7 percent in June to 11,000 […]

Sept 12, 2012 (LBO) – There was a thriving business in Sri Lanka involving the sale of unlicensed lubricants, adulterated and counterfeited brands and recycling used oil, which can damage vehicles engines, industry officials said. Such products used by unwary consumers could damage vehicle engines, he warned. Sri Lanka’s lubricant market was estimated at 60 […]

Sept 11, 2012 – Petroleum products are expected to be brought under Sri Lanka’s multi sector utilities regulator which is already overseeing the power sector, from the beginning of 2013, with enabling legislation now being drawn up, officials said. PUCSL director general Damitha Kumarasinghe said the regulator would allow reasonable costs to suppliers but will […]