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 […]