Sri Lanka’s Central Bank says the government may need to consider introducing a price mechanism to reflect the movements in international energy prices. The Bank says, this will help avoid the need for large adjustments of domestic energy prices while lessening the burden on public enterprises. The Bank’s recommendation comes as  Sri Lanka at present does not ...

Sri Lanka’s Central Bank (CB) said today (Monday) the growth forecast for this year would slow down to 7.2% as it looks to reduce its budget deficit. Growth in 2011 was reported at 8.3%. CB Governor Ajith Nivard Cabraal said at the presentation of 62nd Annual Report to the President Mahinda Rajapaksa (who is also the finance minister) in Colombo that they expect a slowdown in the growth fore...

Apr 09, Colombo: Despite the global economic uncertainties Sri Lanka's economy delivered the expected results last year with a low inflation and high growth rate but Sri Lanka needs to tackle challenges of high fuel prices and weak global economic recovery that can affect the country's growth

Apr 09, Colombo: Private fuel bowser owners in Sri Lanka, who had earlier decided to commence a strike today demanding an increase in the fees paid for their services, have abandoned the union action.

The Ceylon Petroleum Private Bowser Owners Association today said that they abandoned the planned strike scheduled for April 9 and10 as Petroleum Industries Minister has agreed to grant their demands. The Association earlier threatened to suspend transportation of fuel if their demand to increase

Fuel distribution to all parts of the country is expected to come to a grinding halt today (9) and t..

Apr 08, Colombo: Private bowser owners in Sri Lanka who transport fuel for the Ceylon Petroleum Corporation (CPC) have threatened union action demanding an increase in their fees.

In the time tested form of the parliamentary system of governance there is the concept of  Cabinet Responsibility (Ministerial Responsibility) where ministers are said to be ‘collectively responsible’ for government policy. In Sri Lanka’s fast evolving constitutional form of government – particularly under President Mahinda Rajapaksa – the cabinet itself has become a tremendous joke .....

The Ceylon Petroleum Private Bowser Owners Association today threatened to suspend transportation of fuel on April 9th 10th if their demand to increase fee rates are not met by...

The Central Bank has confirmed that Sri Lanka has reported a record economic growth amidst the collapse of the world economy. During 2010 the Sri Lankan economy achieved 8% growth rate amidst a number of challenges. The latest reports of the Central Bank say that in 2011 the economic growth rate increased up to 8.3%. ...

Police are conducting investigations to track down and apprehend a group of individuals who had pumped Rs. 4,300 worth of fuel before robbing Rs. 68,000 from a petrol station in Nochchiyagama today (April 06) morning.

SriLankan Airlines announced certain capacity adjustments to its European route network, taking into consideration the rise in fuel and operational costs and economic indicators in the EU region.

SriLankan Airlines has decided to temporarily suspend flights to three European destinations, Zurich, Milan and Rome from May 01 to June 27. The Airline stated that the suspension is due to less demand during this period and to cut costs amidst the rise in fuel prices and operational costs. Flights

SriLankan Airlines have decided to cancel flights to several European cities such as Zurich, Rome and Milan from May to June period as demand is expected to fall during the off peak. The Airline says, the move was taken in a bid to cut costs amidst the rise in fuel and operational cost

Sri Lanka’s electricity sector’s dependency on costly thermal power has increased during the last six months, as the country’s hydro power generation has dropped significantly due to lack of adequate rainfall. A spokesman from the Ministry of Power and Energy said, during the last six months the electricity generation via thermal power has increased significantly which ...

  Indian Oil Company’s Sri Lanka unit has sought government approval for retail price hike in view of depreciating currency and rising crude prices globally. “We have asked the government to revise the prices of petrol and diesel,” said Suresh Kumar, IOC Lanka’s Managing Director. He said the request was made in view of the ...

Lanka IOC has once again requested approval from the Ministry of Petroleum Industries to increase fuel prices. Managing Director of Lanka IOC Mr. K. R. Suresh Kumar stated that a request was made to increase diesel and petrol prices by Rs. 15.

The President has said that the environment is a borrowing from the future and not a heritage from the past. He expressed this view while observing the earth Hour. He said if we destroy the environment we will not be able to pay the debt. It will also prevent the future generations from enjoying the ...

Colombo (The Island/ANN) - The Sri Lankan government yesterday slapped prohibitive taxes on vehicle imports including three-wheelers and also hiked duties on liquor and cigarettes in measures imposed to rein the ballooning trade deficit, limit fuel consumption and catch-up revenue shortfalls

By Nirmala Kannangara Despite the government imposing a major hike in fuel prices in February, the Ceylon Petroleum Corporation (CPC) is still facing a severe financial crisis, trade unions said. Secretary of the Jathika Sevaka Sangamaya (Petroleum Branch) Ananda Palitha said that the CPC is facing

The government announced an increase on taxes on almost all types of motor vehicles yesterday in a move it claimed was aimed at reducing the number of new vehicles on the road and demand for fuel. A statement by the Ministry of Finance said that the government had also decided to revise the tax on ...

Mar 31, Colombo: A Sri Lankan delegation is scheduled to leave for Oman Saturday for another round of talks to purchase fuel from the oil-rich nation in future.

Liquor and cigarette taxes have been increased. Taxes on several types of vehicles have also been increased to reduce traffic congestion. The Finance Ministry has amended the taxes taking the prevailing economic and market situations into consideration. The taxes on liquor and cigarettes have been amended as a routine measure to earn the estimated annual ...

The taxes imposed on many types of vehicles have been amended. The taxes have been amended to reduce import of vehicles, taking the congestion on roads and the increasing demand for fuel into consideration. The new taxes will be effective from today. Although taxes on cars, three wheelers

to the country to avoid heavy traffic congestions.    Tax for fuel cars under 1000CC have been increased by 85% ...

Sri Lanka`s inflation as measured by consumer prices in Colombo jumped to a 6-month high in March, f..

Sri Lanka’s March inflation has risen up to 5.5% from just 2.7% recorded a month ago. However, this year’s March inflation is lower compared to 7.7% recorded in the same month, a year ago. Despite the jump in March inflation to 5.5%, the annual average inflation recorded as of the same month is at 5.9%, compared to ...

Mar 30, Colombo: Sri Lanka's inflation as measured by consumer prices in Colombo jumped to a 6-month high in March, figures released Friday by the Statistics Department of the Central Bank showed.

Fitch Ratings has affirmed Sri Lanka Telecom PLC’s Long-Term Foreign-Currency and Local-Currency  Issuer Default Ratings  at ‘BB-’, respectively. Its National Long-Term rating has been affirmed at ‘AAA(lka)’. The Outlook of the telecom firm remains Stable. The rating agency says SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. “This is prin...

Tea producers have been adversely affected by increased electricity charges and transport costs due to the fuel price hike. Ceylon Tea Traders Association (CTTA) Chairman Jayantha Keragala said that as a result tea producers have to incur additional Rs.5.50 to the cost of a production of a Kilogram