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LIOC makes request for price hike

30 May 2012 01:08 pm - 35     - {{hitsCtrl.values.hits}}

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Lanka IOC one of two suppliers of fuel to the local market has made a fresh request to the government for a price hike in fuel,  its General Manager Subodh Dakwale confirmed. Dakwale speaking to the Daily Mirror online said that the reason for the request for increase was twofold. “We have been continuously suffering losses as a result of the price that we are currently selling fuel at. The escalation of international fuel prices in the past few months and the depreciation of the rupee have been major contributing factors to the continuous losses we have suffered” he said.

The LIOC therefore, have requested the government to increase the price of fuel and are scheduled to have a decisive meeting regarding the issue within the week, he said. “We have humbly requested the government to consider our plight at this juncture and to give us the green light for the increase of prices. We have not given a specific price level or any other condition as such, we are yet to receive confirmation in this regard from the authorities” Dakawale said.
The newly appointed General Manager also said that the main idea behind the request was to curb the losses that LIOC is currently suffering. “ We are prepared to bear the losses to a certain extent and the benefit of the Lankan public is upmost in our minds, we have incurred losses even in the past and are willing to do so, but we need to curb this amount in order to provide better service to the people” he said. (Hafeel Farisz)
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  Comments - 35

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  • bassil Wednesday, 30 May 2012 09:50 PM

    hey here the price is going down...what is happanning to Sri Lanka.

    Ami Wednesday, 30 May 2012 11:10 PM

    Prices been hedged for a certain period ! Weather it's going up or coming down , they pay the same amount until the hedging period is over !

    roshan Thursday, 31 May 2012 06:27 AM

    but the USD used for purchase has declined in value

    sl Thursday, 31 May 2012 12:17 AM

    Please dont allow. World oil prices on the decrase.

    roshan Thursday, 31 May 2012 06:31 AM

    because they have invested so much in SL that they have to operate the business waiting for better times to come so that they can reap their investments

    roshan Thursday, 31 May 2012 06:33 AM

    if world oilprices have indeed come down from 140 to 90 then why has CPC npt reduced their prices yet? This is still controlled by the GOSL

    mj Thursday, 31 May 2012 01:06 AM

    knr, i think there is another side to this. the dollar has been steadily rising, today it is at 135. This is a clear indication that our economic policies have failed. I wonder when this government will realize that and do something to change this destructive path to hell

    shane Thursday, 31 May 2012 02:22 AM

    well price iw go very nxt day when will win crkt match

    toombraider Wednesday, 30 May 2012 01:21 PM

    is it because India recently increased its fuel prices?.

    perhaps the Indians who are running this operation dont want to suffer on their own

    dont they know that petroleum prices have come down recently?

    mj Wednesday, 30 May 2012 01:24 PM

    first a 10 year tax holiday and now a price hike? ha ha very funny, well we the public is not laughing

    knr Wednesday, 30 May 2012 01:27 PM

    What a surprise! When the oil prices in world market is decreasing IOC is requesting price hike. According to world oil market, the oil prices have decreased from USD 140s to 90 level and still decreasing.

    ram UK Wednesday, 30 May 2012 01:26 PM

    Valid argument i do not see any problem with increse in price to break even. Surely they can not run a loss making company if that is due to prices. Lankans should understand if you can not afford it please do noy buy ...bicycles are good for health....

    Kabi Thursday, 31 May 2012 08:32 AM

    let IOC to increase price as they like. Bring down CPC prices by RS 10each. IOC will go bank krupt and stopp oil business in Sri-Lanka.

    Black Mamba Wednesday, 30 May 2012 01:32 PM

    World market fuel prices are down and these buggers are asking for a further hike. Cheek!

    lankashantha Wednesday, 30 May 2012 01:34 PM

    Oil price in the world market is slumping. But here see......

    Manik Wednesday, 30 May 2012 01:43 PM

    Haven't oil prices gone down in the world market? What is all this?

    Nan Wednesday, 30 May 2012 01:51 PM

    aw how sweet.

    Anon69 Wednesday, 30 May 2012 03:02 PM

    Havent the Ruppee gone down from 120 - 135. So Price increase lie all the other goods are on cards ?.

    Nodrog Wednesday, 30 May 2012 03:18 PM

    Just because you Indians are crazy or dumb enough to pay more when world prices are on the decline does not mean that we also should.

    PGA Wednesday, 30 May 2012 03:22 PM

    How can it be a valid argument when the reasons are not supported by the truth. Oil prices have dropped over the past 3 months and other countries have been reducing petrol prices.

    dalu bandalu Wednesday, 30 May 2012 03:25 PM

    Old stock that they have bought at higher price. He he
    They want to earn maximum profits.

    Michael Ranasinghe Wednesday, 30 May 2012 03:33 PM

    Guys world oil slumped to USD 90 a barrel from USD 125.. What rubbish is this guy talking ??? If you are making a loss please hand over the sheds tht you bought to the government and leave.. Please leave... Dont take this countrys' people for sukcers

    Just Another Citizen Wednesday, 30 May 2012 03:39 PM

    The only time prices of fuel will come down is at the time of elections. Even if the price of oil came down to $50 we'd still be selling at Rs. 175.

    JR Wednesday, 30 May 2012 03:49 PM

    Indians will be ruling our country in years to come.Indian hegemony.

    C. Ratnayake Wednesday, 30 May 2012 03:52 PM

    Government should let IOC to increase the price

    But should not increase the price of CPC products

    Peoples Wednesday, 30 May 2012 03:57 PM

    I think this news was supposed to be published a few months ago.

    Now the international oil crude prices are dropping daily.

    Minister Thursday, 31 May 2012 04:46 AM

    We too humbly request you to consider our plight which will be worsened if fuel price is going to be increased. We humbly request you to consider the falling prices of crude oil in the international market. We also humbly request you to consider the lavish tax holidays granted to you by the kindness of our finance maestros!!

    Cats paw Wednesday, 30 May 2012 04:26 PM

    No.
    cant you see.
    IOC increase fee.
    Others will follow thee.
    All Merry.
    Us beri.

    rishy Wednesday, 30 May 2012 04:31 PM

    Petroleum minister might be lack of some money to do his personal things.... he might asked the LIoc to request fr a hike.. lol..

    Sanath R Thursday, 31 May 2012 04:55 AM

    Wonder why they continue to do business if they are making continued losses?

    suminda gunathilaka Wednesday, 30 May 2012 05:12 PM

    “ We are prepared to bear the losses to a certain extent and the benefit of the Lankan public is upmost in our minds, we have incurred losses even in the past and are willing to do so, but we need to curb this amount in order to provide better service to the people”

    They care about us woooohooooooooooooo

    Dan Wednesday, 30 May 2012 05:18 PM

    goons... petroleum sales are never at a loss. dont lie you stupid indians

    gamarala Wednesday, 30 May 2012 05:45 PM

    must be getting ready to give discounts when the world prices go up if they want price increases when world prices are down

    RC Wednesday, 30 May 2012 06:37 PM

    Goverment racket not to lower the fuel prices

    mohan Thursday, 31 May 2012 05:51 AM

    instate on reducing price they asking hike , any oil price bottom out , it will bounce soon they , they preparing hike , in sri lanka price move one way , it's sad reality. unless CB stabilize us$ next price hike around the Conner. 1 usd was rs 112 now Rs 132 , end of this year 140 ~150


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