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MRP for fuel

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A decision has been taken to declare only the Maximum Retail Price based on the pricing formula for all types of fuel.

State Minister of Power and Energy DV Chanaka noted that steps will be taken to declare a Maximum Retail Price, to create competitiveness among fuel distributing companies in the country.

Speaking to media in Colombo yesterday (23), the State Minister assured that the Maximum Retail Price will be stipulated by the government to all fuel companies under the price formula from August.

The State Minister also said that it is expected to take a decision regarding the QR code after discussing it with all the parties in the future. He noted that in order to increase fuel competitiveness, agreements have been reached with three major internationally registered companies.

The State Minister stated that this will increase competition and offer a sound remedy for the current dollar issue. By the first week of next month, a ship of Sinopec Company is scheduled to arrive in Sri Lanka.

Until now, the fuel price formula existed only for Ceylon Petroleum Corporation.

State Minister DV Chanaka noted that instead, steps will be taken to set a Maximum Retail Price using the pricing formula to affect all companies through this new system.

Thus, the Ministry will decide only the Maximum Retail Price in the future.

The companies will then be able to provide fuel at a price of their choice subject to the maximum price.

State Minister of Power and Energy DV Chanaka claimed that this will create competition among fuel companies resulting in reduced fuel prices.

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Australia’s United Petroleum enters SL market

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Australia’s United Petroleum has entered into an agreement with the Sri Lankan government to supply petroleum products to the Sri Lankan market.

According to United Petroleum Lanka, Australia’s United Petroleum entered into the relevant agreement with Sri Lanka’s Ministry of Power and Energy on Feb 22.

Following the signing of the agreement, United Petroleum is assigned 150 existing fuel stations and also has the right to build 50 new fuel stations in Sri Lanka.

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4 SriLankan Airlines flights experience delays

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This morning, four SriLankan Airlines flights experienced delays as ground staff refrained from performing some of their duties, according to reports.

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SDB CEO announces resignation

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Sanasa Development Bank CEO Priyantha Talwatte has announced his resignation with effect from Feb. 20.

In a filing to the Colombo Stock Exchange, the SDB has said the Board accepted his resignation.

Talwatte joined SDB bank in November 2022 after resigning from Nations Trust Bank in April 2022 having served the institution for two decades.

Commanding over 30 years’ experience in banking Talwatte is an alumnus of Harvard Business School (AMP) Boston, USA.

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