BIZ

Foreign oil companies in talks to start retail fuel sales in SL by June

Published

1 month ago

April 26, 2023

editor

US-based oil company RM Parks Inc. and the British multinational oil and gas company Shell PLC have held a discussion with Minister of Power & Energy Kanchana Wijesekera on commencing retail fuel sales in Sri Lanka in the first week of June this year.

The lawmaker held a virtual meeting with the officials of the two companies today (April 26) to discuss the agreements, policies, logistics, and timeline pertaining to the commencement of operations here.

Accordingly, it was decided to set a date in mid-May to sign the relevant agreements, Wijesekera said in a tweet.

Following a visit to the Ceylon Petroleum Storage Terminals Limited (CPSTL) tank farm last week, the technical officials of the RM Parks Inc. and Shell PLC offered to upgrade CPSTL berthing facilities to be in line with international standards and safety requirements, the minister said further.

Officials of the Power & Energy Ministry, the Central Bank of Sri Lanka, the Board of Investment, the Ceylon Petroleum Corporation & the CPSTL also joined the discussion.

Meanwhile, a team of China-based Sinopec officials and technical experts are currently in Sri Lanka to finalize the agreements and commence operations for retail fuel sales here.

They met with Wijesekera on Tuesday (April 25) to decide on a timeline, conditions of the agreement and other concerns.

Accordingly, it has been decided to sign the relevant agreements by mid-May and commence the operations 45 days after the signing, the minister said in a tweet posted earlier.

BIZ

Fuel prices revised at midnight

Published

14 hours ago

May 31, 2023

editor

The CPC has reduced the prices of fuel with effect from midnight today (31).

The price of Petrol 92 Octane has been reduced by Rs.15 per litre to Rs.318 while the price of Petrol 95 Octane has been increased by Rs.20 to Rs.385 per litre.

In addition, the price of a Super Diesel litre has increased by Rs.10 to Rs.340 while a litre of Kerosene reduced by Rs.50 to Rs.245.

BIZ

Urea price to drop in mid June

Published

20 hours ago

May 31, 2023

editor

The price of Urea fertilizer is to be reduced.

According to Minister of Agriculture Mahinda Amaraweera, the price of a 50kg Urea fertilizer bag sold to farmers by the two state-owned fertilizer companies will be priced at Rs. 9,000 from June 15.

“A bag of urea is sold by the private sector at Rs. 42,000 during the last yala season, has now been brought down by the private sector to Rs. 11,000. The reason for this was that the government took steps to provide a bag of urea to the farmers at a minimum price of Rs. 10,000,” the minister said.

BIZ

CBSL names 8 entities that conducted prohibited schemes

Published

23 hours ago

May 31, 2023

editor

The Central Bank of Sri Lanka (CBSL) has issued a public notice naming 08 entities that have conducted prohibited schemes.

The entities named are :

Tiens Lanka Health Care (Pvt) Ltd.
Best Life International (Pvt) Ltd.
Global Lifestyle Lanka (Pvt) Ltd.
Mark-Wo International (Pvt) Ltd.
V M L International (Pvt) Ltd.
Fast 3Cycle International (Pvt) Ltd (F3C)
Sport Chain App, Sports Chain ZS Society Sri Lanka
OnmaxDT

The CBSL further stated that any person who directly or indirectly initiates, offers, promotes, advertises, conducts, nances, manages or directs a scheme in contravention of the provisions of Section 83C of the Banking Act, No. 30 of 1988 shall be guilty of a punishable offence.

The complete public notice issued by the CBSL in this regard is as follows :