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LIOC waiting for green light

16 June 2011 09:52 am - 10     - {{hitsCtrl.values.hits}}

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Lanka Indian Oil Company (LIOC) said today -it had requested the government to permit the company to increase the price of a litre petrol by Rs.20 and the price of a litre of diesel by Rs.5 owing to the huge losses incurred by it.

LIOC Managing Director Suresh Kumara said the company was hopeful of receiving a favourable response from the government.

“We lose Rs.30 on every litre of diesel we sell and on a litre of petrol we lose Rs.2. We have to increase the prices to mitigate our losses. This is why we have requested an increase in fuel prices,” Mr. Kumara said.

He said the price of diesel cannot be increased much since it was used mainly for public transportation and could hamper the public transport system. Therefore he said the losses that are incurred in the sales of diesel should be compensated by the gains made in the sale of petrol Mr. Kumara said international crude oil prices have risen rapidly with a barrel of Brent crude oil costing US $115.

“Neighbouring countries have increased their fuel prices accordingly. We will have to increase fuel prices as well because we cannot survive with the losses that we are incurring at present,” he said.

LIOC last increased the price of petrol and diesel in April from Rs.115 to Rs.125 on a litre of petrol and from Rs.78 to Rs.85 on a litre of disel.  By SD and OJ

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  • Bird Eye Friday, 17 June 2011 01:35 PM

    Damn, Right now no fuel, many petrol stations are closed.

    DN Friday, 17 June 2011 02:53 AM

    Light is in Russia. Have wait bit.

    kenny_fdo Thursday, 16 June 2011 10:32 AM

    Ahaa. You don't have to worry about the people. they are pretty busy talking about the Channel4 video. So you can go ahead. i should say all these scandals pop up at the right time.

    Amal Perera Thursday, 16 June 2011 04:25 PM

    Then we will waiting for the red light... :-)

    ramesh Thursday, 16 June 2011 04:46 PM

    Congrats.Good MOVE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Ahmedh Thursday, 16 June 2011 11:14 AM

    sure it will be a green light... :)

    RAJIV Thursday, 16 June 2011 11:15 AM

    What a country we live inn. The govt can not even give the subsidize or control the price of fuel. I am 100% sure if we keep heading down this same road we are all going to end up going back to the time of having a bullock cart. Totally unfavorable environment for investors. God all mighty help us.

    Gemini Thursday, 16 June 2011 05:25 PM

    Please hand over all fuel outlets to the government of Srilanka and disappear from our soil. Why do you all stay and do business in Srilanka if you are running at a loss?.

    srushanth Thursday, 16 June 2011 06:23 PM

    no no Please hand over all fuel outlets Mahinda Rajapaksa family and his disciples
    that will do for Sri Lanka

    Thushara Thursday, 16 June 2011 12:05 PM

    What a country, Always people use petrol supper. Definitely there is should not be losses due to Petrol.


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.