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Quality checking alcohol lab will be beneficial – State minister

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State Minister for Finance Dr. Ranjith Siyambalapitiya says that the separate laboratory proposed by Budget 2023 to identify alcohol unfit for human consumption, would help to prevent them from entering markets.

Mr. Siambalapitiya said this while attending the 70th Annual Conference of the All Ceylon Excise Sergeants and Regulators Association yesterday (18).

“In this year’s budget, we have allocated 100 million rupees for the construction of a separate laboratory for the excise department. This has been a request for a long time. At present, the work related to the quality of the liquor is done through the Government Analyst’s Department, so the work is being delayed due to the heavy schedules faced by the department,” the minister said.

The minister also said :

“The state expenditure of this year’s budget is Rs. 7,800 billion. It is a 30% increase from the Rs. 6,100 billion last year. You, the exceptional officers of the Excise Department, who are third in the list of the highest state revenue earners, are engaged in an extensive role. We need to find Rs. 92 billion as monthly salaries of the state sector. We also need to acquire Rs. 26 billion for pensions.”
Excise Commissioner General M.J. Mr. Gunasiri and a group of officials participated in the event.

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Fuel prices revised

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The Ceylon Petroleum Corporation (CPC) has  announced the revised fuel prices effective from midnight today (Oct. 31).

Accordingly, the price of Petrol 95 Octane has been reduced by Rs. 06 to Rs. 371 per litre, while Super Diesel has also been reduced by Rs. 06 to Rs. 313 per litre.

However, the prices of Petrol 92 Octane, Auto Diesel and Kerosene remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

Petrol 95 Octane – Rs. 371 (reduced by Rs. 6)
Super diesel – Rs. 313 (reduced by Rs. 6)
Octane 92 – Rs. 311  (not revised)
Auto Diesel – Rs.  283 (not revised)
Kerosene – Rs. 183 (not revised)

Meanwhile, the Lanka Indian Oil Corporation (LIOC) and Sinopec too have decided to revise its fuel prices, to match the prices of Ceypetco.

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China’s BYD overtakes Tesla revenue for first time

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The Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla’s for the first time.

It posted more than 200bn yuan ($28.2bn, £21.8bn) in revenues between July and September. This is a 24% jump from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.

However, Tesla still sold more electric vehicle (EVs) than BYD in the third quarter.

It comes as EV sales in China have been getting a boost from government subsidies to encourage consumers to trade their petrol-powered cars for EVs or hybrids.

BYD also notched a monthly sales record in the last month of the quarter, in a sign that momentum continues to build for China’s bestselling car maker.

But there is a growing backlash abroad against the Chinese government’s support for domestic car makers like BYD.

Earlier this week, European Union tariffs of up to 45.3% on imports of Chinese made EVs came into force across the bloc.

Chinese EV makers were already facing a 100% tax from the United States and Canada.

The tariffs are in response to alleged unfair state subsidisation of China’s car industry.

As of last week, official data showed 1.57 million applications had been submitted for a national subsidy of $2,800 per each older vehicle traded in for a greener one.

That’s on top of other government incentives already in place.

China has been counting on high-tech products to help revive its flagging economy, and the EU is the largest overseas market for the country’s electric car industry.

Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.

(BBC News)

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Egg producers agree to MRP

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The Egg Producers’ Association and wholesale traders have agreed to maintain a MRP of eggs at Rs. 37.

This decision was reached after discussions with the Secretary of the Ministry of Trade – M. M. Naimudeen.

Noting that the agreement aims to stabilize egg prices and provide relief to consumers, Mr. Naimudeen confirmed that directives have been issued to ensure that eggs are not sold above this price in the future.

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