Sri Lanka’s CPC import premiums fall, saving $300mn a year: Minister

Premiums on fuel imports paid by state-run Ceylon Petroleum Corporation has declined with payments made on time under a new system, State Minister for Energy D V Chanaka has said as forex shortages eased over the past few months. Under a new system suppliers are expected to unload their fuel to CPC terminals. The CPC […]

First shipment of Sinopec fuel to arrive in Sri Lanka in first week of August: official

The first shipment of fuel from China’s Sinopec will arrive in Sri Lanka in the first week of August with a maximum retail price for fuel also on the cards, State Minister of Power and Energy D V Chanaka said. Sinopec, China’s state-owned petroleum corporation, is among three foreign players who have signed contracts to […]

Sri Lanka to set maximum retail price for fuel after new players: Minister

Sri Lanka is planning to set a maximum retail price for fuel in the future, with distributers free to sell below the price, State Minister for Energy D V Chanaka said. Sri Lanka has opened fuel distribution to several companies including China’s Sinopec which will is expected to bring its first shipment early next month. […]

Sri Lanka CEB’s rating outlook lifted to positive by Fitch

Fitch Ratings said it was lifting an outlook on state-run Ceylon Electricity Board to positive from stable, and was confirming a ‘B(lka)’ rating, which is currently de-linked from the state. Fitch downgraded Sri Lanka’s long term local rating to ‘C’ from ‘CC’ on July 2023, but the CEB itself is rated higher at ‘B(lka)’ “This […]

Sri Lanka in talks with China’s AIIB for US$220mn for power sector

Sri Lanka is discussing 220 million dollars in power sector financing with China’s Asian Infrastructure Investment Bank, Power and Energy Minister Kanchana Wijesekera said following a meeting with the lender and India’s National Thermal Power Corporation. Sri Lanka’s state-run Ceylon Electricity Board and NPTC is building a 130 MegaWatt joint venture solar farm in Sampur, […]

Sri Lanka electricity reforms to parliament in September: Minister

Sri Lanka is planning to bring a reform plan to unbundle Ceylon Electricity Bord to parliament in September separating generation, transmission and generation, Energy Minister Kanchana Wijesekera said. After unbundling there will be four distribution companies. They could state or public private partnerships but all would be required to provide a high level of service […]

Sri Lanka IOC-CPC joint venture to develop 9 tanks

Sri Lanka’s Indian Oil Corporation unit said nine tanks have been identified for development in the first phase of a joint venture with state-run Ceylon Petroleum Corporation. The joint venture covers 61 tanks in the World War II era tank farm located near the North Western port of Trincomalee. LIOC already tanks in Trincomalee on […]

Sri Lanka-India grid connectivity to be realised by 2030: power minister

Sri Lanka’s government has priortised regional energy integration with grid connectivity between Sri Lanka and India to be implemented by 2030, Power & Energy Minister Kanchana Wijesekara said. The World Bank has been assisting the state-run Ceylon Electricity Board (CEB) in understanding the technical requirements and business models for the project, Wijesekara tweeted Tuesday June […]

Sri Lanka’s CEB proposes 23-pct power bill cut for low users: Minister

Sri Lanka’s Ceylon Electricity Board has proposed cutting tariffs by 23 percent for lowest domestic users including fixe charges and 9 percent for the next block, Power Minister Kanchana Wijesekera said. The CEB has submitted a tariff proposal to the Public Utilities Commision on May 15. The CEB has requested that the tariff between 0 […]

Sri Lanka inks deal with Sinopec to distribute fuel

Monday May 22, 2023 3:39 pm ECONOMYNEXT – Sri Lanka has signed a long-term contract with China’s Sinopec group to be a petroleum distributor in the island, the President’s media office said. Sinopec Fuel Oil Lanka (Pvt) Ltd will be allowed to import, store, distribute and sell petroleum products in the island. In the first […]

Sri Lanka’s IOC unit profits up 112-pct in March 2023 quarter

Sri Lanka’s Lanka IOC unit which piggy backs on the pricing of state-run Ceylon Petroleum Corporation but has a leaner operation reported profits of 7.1 billion rupees in the March 2023 quarter up 112 percent from 3.3 billion a year earlier. For the full year ended March Lanka IOC has reported profits of 37.6 billion […]

Sri Lanka CEB to be broken to 14 companies, new regulator says PUCSL chair

Sri Lanka’s Ministry of Energy is planning to break up state-run Ceylon Electricity Board into 14 separate generation, and the current independent regulator will be abolished, its Chairman Janaka Ratnayake said. Sri Lanka’s Public Utilities Commission and the Ministry of Energy has had disputes over recent tariff hikes. Sri Lanka’s power sector has come under […]

Sri Lanka’s CEB has proposed reducing tariff by 3-pct: PUCSL chief

Sri Lanka’s state-run Ceylon Electricity Board (CEB) has proposed reducing tariffs by an average of 3 percent, in a new cost and tariff filing, but the proposed costs have fallen 27 percent, Chairman of the Public Utilities Commission, Janaka Ratnayake said. “The CEB has proposed to reduce it by only three percent,” Janaka Ratnayeka, Chairman […]

Sri Lanka’s CPC loses Rs615bn in 2022 with Rs527bn forex loss

Sri Lanka’s Ceylon Petroleum Corporation has lost 615.1 billion rupees in 2022 despite price hikes, with 527 billion rupees coming from a forex loss as the rupee collapsed, central bank data showed. “Financial performance of CPC worsened further in 2022, largely driven by losses due to significant depreciation of the exchange rate, despite the cost […]

Sri Lanka new electricity law to reform power sector by May

Sri Lanka will present a new electricity law to the parliament in May 2023 as part of reforms to state-run Ceylon Electricity Board, Energy Minister Kanchana Wijesekera has said. The cabinet of minister had given approval this week for a “roadmap and timeline of the CEB restructuring process”. “The final draft of the new Electricity […]

Sri Lanka to lease 450 state-owned fuel stations for Chinese, US, Australian firms with Shell JV

Sri Lanka cabinet has granted approval for three oil companies from China, the United States, and Australia in collaboration with Shell Pl to lease 150 fuel station for each company to operate in local market, Minister of Energy Kanchana Wijesekera said. “Cabinet approval was granted to award licenses to Sinopec, United Petroleum, Australia & RM Parks of […]

Sri Lanka state run CPC cuts kerosene prices

Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) reduced price of kerosene by 14.1 percent or 50 rupees to 305 rupees with effect from Wednesday midnight. The price of Kerosene was at 355 rupees a litre and was last revised on January 02, 2022. The price of Industrial Kerosene that was at 464 rupees has been […]

Sri Lanka state bank to give credit for coal imports after power hike: Minister

Sri Lanka’s state-run Bank of Ceylon has agreed to give a loan of 22 billion rupees to the power utility to import coal utility after a tariff hike, Energy Minister Kanchana Wijesekera said. Foreign exchange availability had increased in Sri Lanka’s after the island’s reserve collecting central bank halted inflationary policy (generally called money printing […]

Sri Lanka’s Trinco Petroleum Terminal to invest up to US$70mn in tank farm

Sri Lanka’s Trinco Petroleum Terminal Ltd, a joint venture between state-run Ceylon Petroleum Corporation and India’ Lanka IOC, plans to invest up to 70 million dollars in refurbishing 61 oil tanks in Trincomalee, an official said. TPTL has control of 51 tanks in a World War II era tank farm in a 600 acre land […]

Sri Lanka renewable energy sector may go to court over unsettled CEB arrears

Sri Lanka’s renewable energy sector is likely to go to court over non-payment of arrears by the state-run Ceylon Electricity Board (CEB) as discussions with CEB officials prove unfavourable, the Federation of Renewable Energy (FRED) said. According to data shared by FRED, the CEB had 10 months’ worth of arrears totalling 35.18 billion rupees dating […]

Sri Lanka’s state-run Litro Gas to settle World Bank loan by December

Sri Lanka’s state-run Litro Gas said it has paid back some of the 70 million dollars lent by the World Bank to resolve the island’s cooking gas issue and hopes to pay back the entire amount by the second week of December 2022. Litro has returned 7.5 billion rupees recently out of 26 billion rupees […]

Sri Lanka petro firms should be regulated by PUCSL, not committee under minister: MPs

Sri Lanka’s petroleum sector which is on track to be liberalised following a change to the sector law should be regulated by the Public Utilities Commission of Sri Lanka (PUCSL) and not a committee under the minister, legislators said. “There will be no independent regulation if the sector is overseen by a committee under the […]

Sri Lanka to allow airlines to import own fuel amid currency crisis

Sri Lanka will allow airlines to import their own fuel, Power and Energy Minister Kanchana Wijesekera said as the country grappled with the worst currency crisis in the history of its soft-pegged central bank. Sri Lanka’s state-run Ceylon Petroleum Corporation was unable to import enough aviation fuel in 2022 as money printing created forex shortages, […]

Sri Lanka parliament nod to liberalize petroleum sector amid protests 

Sri Lanka parliament endorsed an amendment to existing petroleum law on Tuesday (18) to eliminate monopoly enjoyed by loss-making state-run fuel retailer Ceylon Petroleum Corporation (CPC) amid protest by its employees. The Petroleum Products Special Provision Bill Amendment was passed with 77 voted for against 17 in the 225-member parliament. “This will allow global suppliers […]

Sri Lanka’s state-run CEB anticipates 152bn loss over next four months: energy minister

Sri Lanka’s state-run Ceylon Electricity Board (CEB) anticipates a loss of 152 billion rupees in the next four months despite electricity tariff reforms that were implemented in August, Minister of Power & Energy Kanchana Wijesekera said. In the first eight months of 2022, the CEB has incurred a loss of 108.6 billion rupees, the minister […]

Sri Lanka reverses electricity tariff reforms for religious places after protests

State-owned Public Utilities Commission of Sri Lanka (PUCSL) has sent directives to decrease electricity tariff per unit for religious places that use more than 180 units per month, officials said, after influential Buddhist monks protested against the move. However, the service provider, state-run Ceylon Electricity Board (CEB) said no final decision has been taken yet. […]

Sri Lanka’s CEB authorised to purchase power from private plants, CPC to provide fuel: Minister

Sri Lanka’s state-run Ceylon Electricity Board (CEB) has been authorised to purchase power from private plants and the state-run Ceylon Petroleum Corporation (CPC) will provide fuel to maintain power generation without extending power cuts despite a breakdown at the Norocchcholai coal power plant, an official said. The Public Utilities Commission of Sri Lanka (PUCSL), the […]

Sri Lanka power regulatory chief accuses state-run CPC of wrong crude import

An explosive allegation by the head of Sri Lanka’s utility regulatory authority on the quality of a recently imported crude oil consignment has led to a swift defence and a promise of legal action by the minister in charge. Public Utilities Commission of Sri Lanka (PUCSL) Chairman Janaka Ratnayake told a privately owned television station […]

Sri Lanka’s CEB in profits amid rains, price hike

State-run Ceylon Electricity Board is making operational profits after a surge in hydro power generation and price hike, Public Utilities Commission of Sri Lanka (PUCSL) Chairman Janaka Ratnayake said. The CEB is making daily operational profits of 270 to 300 million rupees a day with more hydro power being generated, he said. On Thursday September 08, […]

Sri Lanka’s state-run Litro reduces cooking gas prices

Sri Lanka’s state owned Litro Gas has reduced domestic gas cylinder prices for the second consecutive month under a newly implemented pricing formula. Accordingly, the price of a 12.5kg gas cylinder will be reduced by 133 rupees to 4,551 rupees, Litro said in a statement on Monday Sep 05. Read more on Economy Next

Sri Lanka’s Litro launches new gas app feature; orders payable in dollars

Sri Lankans abroad will soon be able to buy cooking gas for relatives living in the country, Chairman of the state-owned Litro Gas, Muditha Pieris said, as the company prepares to launch an app feature that allows users to pay for gas in dollars. The feature will be added to Litro’s home delivery app, which […]

Sri Lanka to liberalize aviation fuel distribution

Sri Lanka is planning to liberalize an aviation fuel monopoly and is expecting to appoint up to three players to distribute fuel in the domestic market, Power & Energy Minister Kanchana Wijesekera said. “If there are suppliers who could use their own funds they can use the CPC and CPSTL facilities for a service fee […]

Sri Lanka’s CPC earns up to Rs.50 profit from litre of petrol now – Minister 

Sri Lanka’s state-run fuel retailer Ceylon Petroleum Corporation (CPC) is earning 45-50 rupees from each litre of petrol at the moment as the second largest loss-making state-owned enterprise is looking for some recovery in the past losses, Energy Minister Kanchana Wijesekera said. The Minister revealed this at a forum that discussed the challenges and opportunities […]

Sri Lanka CPC assets, accounts to be audited: Minister

Assets and accounts of Ceylon Petroleum Corporation would be audited shortly to get a correct picture of the agency, Power and Energy Minister Kanchana Wijesekera said. “I have got different data at different meeting,” Wijesekera told a forum organized by JAAR Corporate Solutions and supported by the Friedrich Naumann Foundation for Freedom. Read more on […]

Sri Lanka’s CEB price hike delayed, affecting CPC and monetary policy: CB Governor

A delay in hiking electricity prices has hit the Ceylon Petroleum Corporation cashflows despite the petroleum utility operating a price formula.

Sri Lanka’s CPC in shocking Rs628bn loss on soft-pegging loans

Sri Lanka’s state-run Ceylon Petroleum Corporation has lost 628 billion rupees in the first four months of 2022.

Sri Lanka cabinet clears plan allow new foreign fuel distributors

Sri Lanka’s cabinet of ministers has cleared a proposal to allow companies in oil producing countries to distribute fuel.

Sri Lanka’s Adani power deal sans tendering strikes sparks in India politics

A controversial power deal in Sri Lanka involving India’s Adani group has started creating waves in India, with Congress leader Rahul Gandhi commenting on the deal.

Sri Lanka CEB chairman resigns after Adani deal revelations

Chairman of Sri Lanka’s state-run Ceylon Electricity Board (CEB) M M C Fernando resigned after contradictory statements made with the Adani Group without tendering.

Sri Lanka power minister says no tariff hike as unions oppose unsolicited deals without tender

Sri Lanka’s Energy Minister Kanchana Wijesekera has said power tariffs will not be hiked.

Sri Lanka’s CPC owes US$730mn for past oil, in talks for petrol ship

State-run Ceylon Petroleum Corporation owes 730 million US dollars on letter of credit for past oil purchases and a petrol ship in Sri Lanka’s waters will also not unload until a previous shipment is paid.

Sri Lanka’s Ceylon Electricity Board loses Rs32bn in 1Q as price hikes stalled

Sri Lanka’s state-run Ceylon Electricity Board has run up losses of 32 billion rupees in the in the first quarter of 2022.

Sri Lanka to have controlled price formula for LIOC, CPC: Minister

Sri Lanka is planning to have a single price formula for both Lanka IOC and Ceylon Petroleum Corporation.

Sri Lanka to entertain renewable IPPs to locations without grid capacity

Sri Lanka will entertain proposals from private developers to locations where the grid does not capacity to absorb renewable power.

Sri Lanka petro firms should be regulated by PUCSL, not committee under minister: MPs

Sri Lanka’s petroleum sector which is on track to be liberalised following a change to the sector law should be regulated by the Public Utilities Commission of Sri Lanka (PUCSL) and not a committee under the minister, legislators said. “There will be no independent regulation if the sector is overseen by a committee under the […]