BIZ

Govt mandates Laugfs Gas to prioritize household supply

Published

1 week ago

November 24, 2024

editor

The Government has directed Laugfs Gas, one of the major providers of cooking gas, to ensure a monthly supply of 3,000 metric tonnes to households on a priority basis compared to industrial customers, as a country-wide Laugfs gas shortage is being experienced.

Issuing a gazette notification on Friday under Section 12 of the Finance Act Commercial Hub regulations No. 01 of 2019, President Anura Kumara Dissanayake directed that the cooking gas provider should maintain a minimum of 7,500 MT of LP gas stock to ensure meeting the demand and continuity of LP gas supply to the domestic market without shortage.

Accordingly, the domestic sales of 9,000 MT LP gas are allowed through Laugfs Gas PLC for the next three months, effective from Friday till February 21 next year.

While the company is also told not to exceed its past monthly sales under the additional quota offered by the fresh regulations, it is instructed to pay all applicable taxes, including corporate taxes on domestic sales, as per the provisions of the Act.

The Board of Investment (BoI) is also tasked with reviewing the progress in two months, including the efforts to find alternative re-export markets as well.

(sundaytimes.lk)

(Except for the headline, this story, originally published by sundaytimes.lk has not been edited by SLM staff)

BIZ

Special Commodity Levy on big onions, slashed

Published

12 hours ago

December 1, 2024

editor

The Special Commodity Levy imposed on imported big onions, has been reduced by Rs. 20 to Rs. 10 per kilogram.

This will be in effect during the period from today (Dec. 01) to December 31, 2024.

However, it has been decided to keep the Special Commodity Levy imposed on imported potatoes unchanged.

Announcing the decision, a media release issued by the Ministry of Finance, Planning and Economic Development states that the move comes amid a notable rise in the market price of onions.

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BIZ

‘Will take decision if Laugfs Gas fails to supply gas’

Published

17 hours ago

December 1, 2024

editor

The government will take a decision if Laugfs Gas fails to intervene to import and supply LP gas to the consumers, Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe has said.

He told reporters that there is no shortage of LP gas supplied by Litro Gas.

‘We have two LP gas companies, Litro and Laugf in our country. There is no shortage in Litro gas at the moment. Laugf Gas must explain the reasons for the shortage in Laugf gas in the market. If Laugf Gas fails to intervene to import and supply gas, the government has to take a decision. There is ample stocks with Litro gas. If gas cylinders have to be changed to find solutions to the issues faced by the gas consumers, the government will have to take a decision regarding that soon,” he has said.

BIZ

CBSL to implement single policy interest rate from today

Published

5 days ago

November 27, 2024

editor

The Central Bank of Sri Lanka announced that it will from today (27) implement a single policy interest rate mechanism, the Overnight Policy Rate (OPR), transitioning from the dual policy interest rate mechanism.

This is expected to result in more flexible targeting of inflation.

As announced in the Central Bank’s Annual Policy Statement in January 2024 and the subsequent announcement in September 2024 of the planned implementation of the single policy interest rate mechanism, the Monetary Policy Board of the Central Bank of Sri Lanka has decided to implement a single policy interest rate mechanism transitioning from its dual policy interest rate mechanism, with effect from today, 27 November 2024.

This marks another significant improvement in the Flexible Inflation Targeting (FIT) framework implemented by the Central Bank.

Accordingly, the Central Bank introduces the Overnight Policy Rate (OPR), as its primary monetary policy tool to signal and operationalize its monetary policy stance.

The OPR will be periodically reviewed and adjusted as needed by the Central Bank to indicate and communicate a change in its monetary policy stance.

This transition is expected to enhance the efficiency and effectiveness of monetary policy signalling and transmission to the financial markets and the broader economy.

(News1st)

(This story, originally published by News1st has not been edited by SLM staff)