LIOC issue a precursor to ETCA repercussions: JO

7 November 2017 06:01 pm - 20 - {{hitsCtrl.values.hits}}

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The fuel crisis that resulted after co-opting the LIOC for fuel supply and distribution, is a sign of what will happen if Sri Lanka signs Economic and Technology Cooperative Agreement (ETCA) with India,” the joint opposition (JO) said today.

JO MP Bandula Gunawardana said India's influence was so deep that the government had even allowed an Indian footwear company to enter the Sri Lankan market impacting negatively on local footwear manufacturers.

“If ETCA is signed against such a backdrop, the country will be destroyed. The government should learn lessons from the Lanka Indian Oil Company (LIOC) issue,” he told a news briefing.

The MP said the Rajapaksa government had to spend at least US$5 billion annually when the world was going through a fuel crisis and the country through a war.

However, he said the fuel prices had dropped since 2015 and the new government had to spend only US$2.7 to 2.8 billion a year to import fuel.

“This was a huge advantage to the new government. US$2.8 or 2.7 billion was only 12% of the entire import revenue. Because of this reduction of fuel prices, the government had saved more than US$5 billion so far. However, even with this advantage, the government had failed to ensure a sufficient fuel supply to the people,” he said. (Lahiru Pothmulla)

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Comments - 20

Gune Tuesday, 07 November 2017 06:14 PM

You are talking rubbish. Your government lost billions of rupees by forward buying fuel it high prices as officials from MR's gov filled their pockets at the expense of the people. You guys are equally bad as Yahapalanaya or worse!!!!!!

Sunda Tuesday, 07 November 2017 07:39 PM

You all fight among yourselves while the Indians are escaping the blame.

Nimal Tuesday, 07 November 2017 07:43 PM

You are talking garbage,you don't understand the danger faced by Sri Lanka .

Lahiru Wednesday, 08 November 2017 11:52 AM

While I agree that MR was no saint, clearly this government is worse. Country has gone from bad to worse and all we've gained is more debt.. more tax.. more crime!

Bala Tuesday, 07 November 2017 06:34 PM

Very bad economics. They spent US$5M annually for many years on borrowing this money. We are still paying for it - he forgets that in his calculation. If the fuel prices did not drop we would have been worse off. Ths is how this JOker misleads the public.

Thiranga Tuesday, 07 November 2017 07:47 PM

Indians are at our gates and you talking about MR government,you are the Joker and the Clown.

Bala Wednesday, 08 November 2017 09:05 AM

I spoke economics and you talk of Indians - Who is the clown who cannot understand context ?

HR Wednesday, 08 November 2017 11:43 AM

Bala,you are the Joker and the Clown because you have no understanding of the importance of the situation.

Mendis Wednesday, 08 November 2017 11:59 AM

This crisis is due to Indians,you bringing in irrelevant "idiotic economics".

Brainmaster Tuesday, 07 November 2017 06:44 PM

cant believe that this man earlier gave tuition classes.. .... via DM Android App

Snowy Tuesday, 07 November 2017 08:27 PM

Well this is what you learn at tuition classes and that is why produce social unfits.

Dee Tuesday, 07 November 2017 06:55 PM

Yet another loose statement like the economic advise given to the former king. If ecta was in place proper, we would have been having petrol today. Issue is not lioc , it's cpc. Just don't utter loose talk to capitalise on every issue to get the cheap man's vote.

Wildaku Tuesday, 07 November 2017 07:01 PM

I wouldn't be surprised if the JO and the JVP were behind this petrol crisis... Obviously, Bandula is forgetting the 'bad' petrol imported during his tsunami king's rule, which filled many pockets and left the poor motorists high and dry. Elections have been announced and these political thugs have promised to destabilize the Government - so they van rule, murder and rob again... High time the Ranatungas are kicked out, banks accounts frozen and scrutinized... High time our President grew a set of balls.....

Pino kiyo Tuesday, 07 November 2017 07:12 PM

With ECTA this govt will ruin the small industries and create a huge unemployment problem.

Michael Tuesday, 07 November 2017 07:15 PM

It is the sacred duty of the media to keep a watch on the external forces that might fund certain parties at elections

KT Tuesday, 07 November 2017 10:16 PM

Absolutely,We Know The External Force That Would Fund The UNP.

Jaffna Man Tuesday, 07 November 2017 07:36 PM

The majority of the Sinhalese people don't realise that this country is being gradually and covertly allowed to become a kind of an Indian "Colony " by this government.

Tourist Wednesday, 08 November 2017 11:48 AM

Jaffna Man,you are spot on.Only the fools would disagree with you.

Lord Wolfstein Wednesday, 08 November 2017 11:38 AM

If an Indian company sells shoes in Sri Lanka, it means that Sri Lankan producers sell poor quality too expensive.

isanguard32 Monday, 27 November 2017 08:52 AM

Yeah no offence, we don't need Indians in sri lanka at all. They should stop breeding like rabbits and indian government should improve job opportunities in their country than being a burden in other countries. Not just sri lankans, but also many Americans, Australians, canadians, europeans don't even like Indians because of them many native lose jobs. The reason people lose jobs is indians are okay to work for a lower salary, so greedy employers quickly accept them instead of a native who asks for a reasonable salary. India used to be a burden to America but now they are a burden to nearby countries too. So please fix your problems in your country instead of coming here and destroying our lives.

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LIOC issue a precursor to ETCA repercussions: JO

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