Business
Lanka IOC: Ceaselessly depreciating LKR and Russia-Ukraine war behind gasoline price hike
‘Licensed commercial banks are not able to provide USD even at the LKR rate of 300’
‘Suppliers quote high premium for supply of gas-oil and gasoline due to uncertainty in global market and Sri Lanka country risk’
‘Even after the increase, there would still be losses on gasoline’
Impacted heavily by unwanted conditions due to currency depreciation and high global prices, Lanka IOC was forced to increase its retail selling prices of gasoline by Rs 49/ltr, but diesel prices remain unchanged, Lanka IOC says.
“Consequent to floating of Sri Lankan rupee by the Central Bank since 7th March 2022, rupee is ceaselessly depreciating against the dollar, from initial level of 203 to more than Rs 290 per USD during last 15 days making fuel import more costlier. Despite this exorbitant upward revision in exchange rate by more than 40%, the banks are still struggling to sense the liquidity in the foreign exchange inflow in the banking channels even over and above the official rate,” the Company says.
“Besides the domestic economic crisis, the global tension amidst the Ukraine-Russia war neared to one month with no conclusion in sight, causing concern over supply scarcity of oil, leading to intense unforeseen rise in the international fuel prices setting a new high record in the last 14 years,” it further says.
Manoj Gupta, Managing Director LIOC informs that ” Oil companies are severely affected due to these unprecedented situations from all the corners, and they were compelled to increase the prices of gasoline for sustainable business operations. However, regardless of huge losses in selling of gas-oil, LIOC has not revised the gas-oil prices this time as a concern of the impact on the public. Even after this increase there would still be losses on gasoline at the prevailing international prices and exchange rates. The last fuel price revision by LIOC was done on 11th March when the exchange rate was prevailing at 260 against USD. The currency has depreciated further and while the CBSL TT selling rate is 285, licenced commercial banks are not able to provide USD even at the LKR rate of 300.”
“Unstable currency rates and steep depreciation against USD has had direct impact on the landed cost of gas-oil & gasoline making them costlier by an equivalent amount per litre. The global oil prices has also been pitched into turmoil by Russia’s invasion of Ukraine, with the US and Europe imposing penalties on Moscow and crude buyers shunning the country’s cargo. In view of uncertainty in the global market coupled with Sri Lanka country risk, the suppliers are quoting high premium for supply of gas-oil and gasoline.”
Gupta further says, “We are very much optimistic that the situation will improve, and we shall be more than happy to pass on the benefits of reduced prices to give relief to our valuable customers under this economic hardship.”
He emphasised that LIOC does not receive any subsidy from the government of Sri Lanka and its losses are calculated based on landed cost of the product after considering payment of applicable duties, taxes and other statutory levies including handling charges.
“Being the only public limited energy company and accountable to its more than 10,500 local shareholders, Lanka IOC has always remained committed towards the economic and social upliftment of Sri Lanka even under these adverse circumstances,” Lanka IOC says.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
