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Video: Litro Gas to purchase gas from European supplier

4 June 2015 04:19 pm - 9     - {{hitsCtrl.values.hits}}

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Sri Lanka is to purchase gas from a European supplier under favorable conditions in accordance with a new contract which is being finalised in a week, local gas giant Litro Gas said today.

Litro Gas Executive Chairman Shalila Moonasinghe told a media briefing that the old contract with Oman Trading International, a Middle East Based company, had ended on May 31. The previous contract he said was unfavorable towards the country as there were no provisions in the contract to demand an extra fee for supply delays and to file legal action. The most striking factor about the contract that just expired Mr. Moonasinghe said was that Sri lanka had to purchase a tonne of LPG at US $ 135 though the market rate was stagnant at US $ 110 for the last two years.

“Unfavourable deals such as these have contributed immensely to the staggering loss of Rupees one billion during the last two years,” the Executive Chairman said, adding the company cannot assure further price reductions although the new contract brings cost savings as it would be essential to focus on reducing the staggering losses incurred during the last two years. But he also assured that there would be no price hikes in the near future, while adding that there was no shortage of gas in the country as they had enough supplies at the moment. He said a temporary shortage was created by some who had stocked gas, fearing such a shortage would occur.

Meanwhile Mr. Moonasinghe accepted that the company was distributing free gas cylinders in some parts of Colombo as a promotion and said this would be expanded to other parts of the country as well.(Yohan Perera & Darshana Sanjeewa)
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  Comments - 9

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  • Mailman Friday, 05 June 2015 09:29 AM

    So even though the Europan company provides gas at a lower price we will not get the benefit as we have to cover the loss due to MR pocketing the additional buying cost. via DM Android App

    malij Friday, 05 June 2015 12:01 PM

    What happened to our Natural Gas deposits, which MR confirmed, during his 2nd Campaign for presidency??

    Man Friday, 05 June 2015 04:57 PM

    It is essential to investigate why the agreement had been signed at the rate of US $135 though the market price had been US $ 110 and recover the loss from the culprits.

    lankaman Friday, 05 June 2015 04:58 PM

    Europe also getting their gas from Russia. So it will be cheaper to source from Russia

    wong Friday, 05 June 2015 12:40 PM

    mage lagath Gas thiyanawa....

    Sri Lankan Friday, 05 June 2015 07:46 AM

    Sincerely hope this is not another gimmick like Johnston Fernando supplying cheap rice through CWE last year.

    roger Friday, 05 June 2015 05:48 PM

    Lankaman first learn what type of gas, SL need LPG not LNG idiot

    sadees Friday, 05 June 2015 01:43 PM

    Actual gas price what i am expecting is Rs. 700/= only. Anything more than that is making too much money for brokers.

    Derek Thursday, 04 June 2015 10:24 PM

    I hope the socalled European company is not shell. That would be going backwards after nationalizing the gas company.


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