Business
LP gas crisis may aggravate from November onwards: Lobbyists
Litro Gas Lanka is currently facing a financial crisis and if the Treasury does not grant monetary assistance to purchase LP gas, Litro Gas Lanka will not be able to import LP gas from November onwards, J.A.S Terence Appuhami, Secretary, Litro Surakeeme National Unity said yesterday representing the members of the group.
A summarized reproduction of the press release is as follows.
“Global price of LP gas increased to an unprecedented amount of 800 USD per tonne on October 1, 2021. When converted directly to a 12.5kg Cylinder, the cost of product adds up to Rs. 2,021. However, at present, the price of a 12.5kg Litro gas cylinder is set at Rs 1,493, and once the shipping, insurance and other necessary costs are taken into account, the additional cost of manufacturing a 12.5kg LP gas cylinder accounts to Rs 700.”
“Accordingly, the cost of manufacturing a 12.5kg LP gas comes up to Rs 2,800. As a result, Litro Gas Lanka will be compelled to increase the price of a domestic gas cylinder to Rs 2,800 in order to cover the cost of purchase, shipping, insurance and other necessary expenses.”
“The decision to not increase gas prices parallel to cost fluctuations during the past 9 months resulted in a loss of Rs 10.5 bn for Litro Gas Lanka. As a result, the Company is currently facing a financial crisis, which means that if the Treasury does not grant monetary assistance to purchase LP gas, Litro Gas Lanka will not be able to import LP gas from November onwards. The monthly cost of purchasing LP gas for the entire country is 30 mn USD. Can the Government afford such a hefty expense? If the current status quo remains unaddressed, Sri Lanka will face a LP gas crisis in the coming months.”
“Litro Gas Lanka has already reached out to all relevant authorities, informing each entity at length about the nature of the potential crisis. However, none of the relevant authorities have taken action to resolve the issue, leading the Company to believe that the authorities are either willing to allow Litro Gas Lanka to become bankrupt or plans on sabotaging the Government.”
“If the authorities fail to address the issue in time, the situation would escalate leading to a scarcity of LP gas that will negatively impact the public, loss of trust in the Government, and the bankruptcy of a previously profitable state-owned enterprise. Notwithstanding in action that would lead to these crises, the burden of unnecessarily high LP gas prices will inevitably fall onto the public.”
“Given the status quo, it is imperative to increase the price of a 12.5kg gas cylinder by Rs 1,200. Failing to do so will lead to the Treasury having to bear the additional cost, a burden that it is ill-prepared to handle given the state of the economy.”
“Moreover, establishing a separate Company named, Siyolit (Pvt) Ltd Lanka to import LP gas to Sri Lanka is not a feasible solution to the complicated problem of gas price anomalies. Attempts to establish the aforementioned Company is merely a covert stratagem to allow a handful of individuals and groups to earn an unscrupulous income.”
“While Litro Gas Lanka partnered Siyolit (Pvt) Ltd Lanka at first, Litro later withdrew from the partnership and directorships of Siyolit after informing Secretary to President of Sri Lanka Dr P B Jayasundara.”
“Litro Gas Lanka has been an efficient, profit generating business worth Rs 50 Bn that enjoys 80 percent of the market share.”
“We hope that the President and relevant authorities will intervene to resolve the current crisis,” the lobbyists said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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