News

Three new companies allowed to sell fuel for lower prices

Published

5 months ago

April 10, 2023

editor

The government has decided to allow the three foreign companies entering the retail fuel market in Sri Lanka to sell fuel below the approved price of the Ceylon Petroleum Corporation (CPC).

A senior official of the Power and Energy Ministry said the contracts with the three companies will be signed by the end of this month and the companies will launch operations within a month after the contracts are signed.

Accordingly, China’s Sinopec, Australia’s United Petroleum and Shell Company together with RM Parks Inc of the US have been approved to enter the retail fuel market in Sri Lanka.

Once the three companies are allowed to sell fuel at less than the fixed price, the senior official said the demand for CPC fuel will decrease.

At present, the government spends an average of US$ 450 million per month on fuel imports and the ministry hopes that each of the three companies will bring US$ 120 million worth of fuel to Sri Lanka per month, reducing the government’s expenditure on fuel.

The terms of the agreements with new companies include that they must refrain from using local banks to find US Dollars needed to import fuel and that the profits earned can only be taken out of the country after one year.

The Power and Energy Ministry has estimated that the three companies will import US$ 2.2 billion worth of fuel per year.

The agreement will be signed for 20 years and the companies must pay US$ 2 million annually as renewal fees.

Even after 20 years, the companies can continue to operate based on the agreements made through negotiations.

Sources said the companies will pay an amount as storage fees and the government will receive a certain percentage from a liter as revenue.

Under the agreements, the companies have also been given the opportunity to sell high-end products used in luxury vehicles.

(Lankadeepa)

News

Inflation in SL decreased by 62.1% – Siyambalapitiya

Published

6 hours ago

September 21, 2023

editor

Acting Finance Minister Ranjith Siyambalapitiya announced that over the past year, inflation in Sri Lanka has significantly decreased by 62.1%, thanks to President Ranil Wickremesinghe’s robust economic reform agenda.

Mr. Siyambalapitiya also highlighted that inflation, which stood at 66.7% during the first and second quarters of 2022, has now plummeted to just 4.6% for the same period in 2023.

He made this announcement during a press conference held today (21) at the Presidential Media Center, focusing on the theme of ‘Collective Path to a Stable Country.

News

SL President meets US President Joe Biden

Published

6 hours ago

September 21, 2023

editor

President Joe Biden of the United States and President Ranil Wickremesinghe engaged in a cordial meeting yesterday (20) in New York.

This high-profile meeting unfolded amidst a lavish dinner hosted by President Biden, gathering all the heads of state who had participated in the 78th session of the United Nations General Assembly.

The encounter began with a warm welcome from President Joe Biden, who extended his hospitality to President Ranil Wickremesinghe. The leaders engaged in a cordial and insightful conversation, touching upon various topics of global importance. Following their discussions, they joined their fellow heads of state for a group photograph, symbolizing the spirit of international cooperation.

Adding to the diplomatic tableau, President Wickremesinghe, Professor Maithri Wickramasinghe and Mr. and Mrs. Biden posed for a photograph.

(President’s Media Division)

News

MCC consents to cancel nominations submitted for LG polls

Published

6 hours ago

September 21, 2023

editor

The Ministerial Consultative Committee on Public Administration, Home Affairs, Provincial Councils & Local Government unanimously consented to cancel the nominations submitted for the Local Government Elections given that those who have submitted nominations have faced great difficulties due to the postponement of the elections.

The unanimous consent was given at the Ministerial Consultative Committee on Public Administration, Home Affairs, Provincial Councils & Local Government held yesterday (20) in Parliament Chaired Dinesh Gunawardena, Prime Minister and Minister of Public Administration, Home Affairs, Provincial Councils and Local Government.

A discussion was held regarding the obstacles faced by the field officials to run for elections in their electorate and the current status regarding the amendment to the relevant Act to remove such obstacles. The officials present stated that according to the instructions received by the Attorney General, if an amendment is required to revert a legislation to its former state, a 2/3 majority and a referendum is required for the said purpose.

Furthermore, a progress review regarding systematizing the transferring of Secretaries to the Provincial Councils, and the transferring of Divisional secretaries as mentioned in the service constitution was discussed at the Ministerial Consultative Committee meeting held.

Attention was also drawn to the fact that provincial council government officials are not placed with due diligence. Accordingly, the Prime Minister also emphasized that the transfers of all administrative officers including divisional secretaries should be done properly.

Given that there is no new decision on making new recruitments to the public service at the moment, and since there are vacancies in the provincial and overall public service, considering the already existing employees who have passed the Management Service officer to grade III limited competitive examination to fill the existing vacancies was also discussed at the Committee meeting held.