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SL government to introduce daily automated fuel pricing system in 2024

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By: Staff Writer

Colombo (LNW): Power and Energy Minister Kanchana Wijesekera has announced that the Government is exploring the possibility of implementing automated fuel price revisions daily by fuel distributors starting in 2024.

Speaking at the annual general meeting of the Petroleum Shed Owners Association 2023 on Saturday, he emphasised that this initiative reflects a long-term policy envisioned by the Government.

In a significant move towards ensuring a more transparent and responsive energy market, he said: “This is a crucial step in creating a more dynamic and efficient fuel pricing system that benefits both consumers and the industry.”

The Minister highlighted the pressing need for such a policy change in light of the ongoing conflict in Gaza, which has led to heightened market volatility.

He explained that it is anticipated that fuel prices may surge by up to 25% due to geopolitical tensions, underscoring the importance of proactive measures to stabilise prices.

Wijesekera assured the public that the Government has taken pre-emptive steps to safeguard fuel stocks amidst these uncertain times.

“We have made sure that we are well-prepared to handle any potential disruptions in the fuel supply chain. Our strategic reserves are in place to ensure stability even in the face of external challenges,” he added.

Industry experts said the proposed daily automated fuel price revisions would enable distributors to respond swiftly to market fluctuations, providing a more accurate reflection of global oil prices.

This move is anticipated to bring about increased efficiency and competitiveness within the industry, ultimately benefiting consumers.

They noted that the move aligns with international practices in many developed economies, where daily fuel price revisions are already in place.

The dynamic fuel pricing a common practice internationally will replace monthly fuel revision system in accordance with the pricing formula now in force using fortnightly average, international oil prices and rupee- US dollar fluctuations.

The daily price change will remove the high hike in rates that need to be effected at the end of the month and consumer will be more aligned to market dynamics, the power and energy ministry said.

CPC fuel filling stations will be automated to automatically update centrally, besides technology also provides to schedule the oil price change at midnight, he said adding that the new system will be implemented in selected petrol sheds as pilot project.

At the non-automated petrol pumps, dealers would get the updated price by way of four customised SMS’, e-mails, mobile app and web portal. “

These means of communication are also available to dealers of automated petrol pumps,” he disclosed.

New legislation to ensure proper standards of conduct of MPs

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By: Isuru Parakrama

Colombo (LNW): A new legislation will be introduced to the Cabinet today (23) to ensure the proper standards of conduct of the members of Parliament, President Ranil Wickremesinghe disclosed.

Speaking to media, the Sri Lankan President further noted that former Speaker Karu Jayasuriya has drafted the legislation to ensure high standards of the MPs, resembling the customs of the United Kingdom’s Parliament.

A commission, accordingly, will be appointed under the chairmanship of former Chief Justice Depp, for a period of six months, the President went on, adding that the problems evident in all political parties can be addressed there.

HNB and Singer renew deal for John Deere agri offers

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Colombo (LNW): Sri Lanka’s top private bank HNB PLC has reaffirmed its long-standing collaboration with Singer, the country’s leading consumer durable retailer and the sole local representative for John Deere.

The collaboration aims to bolster the agricultural sector with cutting-edge vehicles, machinery, and equipment.

This renewed alliance will introduce exciting offers and advantages linked to John Deere’s extensive range of tractors, machinery, and equipment.

Sanjay Wijemanne, DGM of the Retail Banking Group, remarked, “In spite of numerous obstacles, the Sri Lankan agricultural sector has grown by 3.6% compared to last year. Our collaboration with Singer seeks to support this sector’s enduring determination and prowess. I trust our clientele will seize this chance to elevate their enterprises.”

Under this collaboration, the bank will roll out a series of incentives, including reduced interest rates and adaptable leasing plans tailored to individual budgets. Clients can also benefit from discounts and other perks from HNB’s Prestige Prime merchant partner network.

Moreover, customers will receive insurance premium reductions and complimentary life insurance coverage, valued at Rs. 4.5 million, from HNB General Insurance. Should natural death occur, HNB Assurance will provide an insurance payout of Rs. 600,000.

Singer Sri Lanka PLC CEO, Mahesh Wijewardene, expressed, “We’re thrilled to renew our association with HNB. With their enduring commitment to SMEs, we can equip the agricultural sector with the latest machinery for growth.”

Singer will grant free registration and a warranty of 1000 hours or one year to customers leveraging this promotion. They can also receive complimentary filter sets, inclusive of hydraulic filters, up to 1000 hours or until the third service.

Further benefits include three gratis services, an exclusive 10% reduction on John Deere spare parts, convenient home deliveries, round-the-clock service support, and a host of other financial and maintenance advantages.

Additionally, HNB recently earned the title of Best Retail Bank in Sri Lanka for the 13th time at the esteemed International Excellence in Retail Financial Services Awards 2023, organised by the Asian Banker Magazine.

Sri Lanka Original Narrative Summary: 23/10

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  1. State Finance Minister Shehan Semasinghe says SL plans to utilise the IMF 2nd tranche of USD 330mn to settle arrears owed to multi-lateral creditors including the World Bank and the Asian Development Bank.
  2. US Dept of Defence’s annual report 2023 to Congress on “Military & Security Developments involving China” states China is trying to expand its global military footprint: says China has “probably” considered other countries as locations for its military logistics facilities, including Burma, Thailand, Indonesia, Pakistan, Sri Lanka, UAE, Kenya, Equatorial Guinea, Seychelles, Tanzania, Angola, Nigeria, Namibia, Mozambique, Bangladesh, PNG, Solomon Islands & Tajikistan.
  3. SL-born Melbourne financial planner Terence Rio Rienzo Nugara pleads guilty in a County Court in Australia to 37 charges of obtaining a financial advantage by deception and 2 charges of theft: as a result of his deception, he has been accused of stealing AU$10,152, 061 from 38 Australian victims.
  4. President Ranil Wickremasinghe says new legislation will be introduced soon to ensure the proper standards of conduct of MPs: also says former Speaker Karu Jayasuriya is drafting legislation to ensure high standards of MPs.
  5. President Ranil Wickremasinghe says SL will give its fullest support to the UN Secretary General’s program to stop conflicts and establish peace in Gaza.
  6. Navy says a multi-day fishing vessel and 5 suspects were arrested in Dondra Point with over 200 kgs of heroin with a street value of over Rs.4,000mn: also says the seizure was made in a deep-sea operation conducted by the Intelligence Division of the Navy and the Police Narcotics Bureau.
  7. Education State Minister Aravinda Kumar says appointment letters for around 5,000 school principals across all 3 service grades will be distributed next month: also hints at a potential salary increase for teachers in the forthcoming budget.
  8. Election Commission Chief L M A R Ratnayake says the Commission is set to raise the security deposit required from all election candidates: asserts that this move is aimed at dissuading an excessive number of candidates from applying: also says this increase could help decrease overall election costs.
  9. SL Gem & Jewellery Assn says SL has generated USD 315mn in revenue from the export of gems and jewellery so far in 2023, recording a growth of 34% over the same period in 2022.
  10. Slinging seamer Matheesha Pathirana 20, likely to be ruled out of the balance World Cup matches due to a right shoulder injury: so far, Pathirana has played 2 matches, picked up 2 wickets for 185 runs.

PHIs to launch nationwide trade union action today (Oct 23)

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Colombo (LNW): Public health inspectors (PHI) are set to take a nationwide trade union action today (23).

Public health inspectors, accordingly will go on sick leave as part of this trade union action, Secretary of the Public Health Inspectors’ Association Shanaka Bopitiya said.

The trade union action is being taken stemming from various professional concerns they face.

Emergency Cabinet reshuffle this (Oct 23) morning?

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Colombo (LNW): An emergency Cabinet reshuffle may be expected to take place this (23) morning, according to political insiders.

These adjustments are anticipated to concern the Ministry of Health and the Ministry of Industries.

Today’s (Oct 23) weather: Heavy showers about 75 mm expected in several provinces

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By: Isuru Parakrama

Colombo (LNW): Showers or thundershowers will occur at several places in the most provinces of the island, and showers may occur in Western, Southern and Eastern provinces during the morning too, the Department of Meteorology said in its daily weather forecast today (23).

Fairly heavy showers about 75mm are likely at some places in Central, Sabaragamuwa and Uva provinces, the statement added.

Misty conditions can be expected at some places in Central, Sabaragamuwa and Uva provinces during the morning.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Puttalam to Trincomalee via Colombo, Galle, Hambantota and Pottuvil.
Winds:
Winds will be south-westerly or variable in direction and wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Chief Minister Maqbool Bakaru of Sindh invites Eastern Province Governor Senthil Thondaman to visit Sindh State of Pakistan!

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Colombo (LNW): A discussion was held between Governor of Eastern Province and President of Sri Lanka Labour Congress, Senthil Thondaman, with the Chief Minister of Sindh Maqbool Bakaru who is on an official visit to China, regarding the development activities of the Sustainable Development Goals (SDG) adopted by the United Nations and the problems faced by migrant workers of Sri Lanka in Pakistan.

In this context, migrant workers from Sri Lanka to Pakistan employed as workers in many companies including masons, garment factories, and motor vehicle spare parts manufacturing industry. Mr. Thondaman brought to the notice of the Chief Minister about the problems which they were facing there.

Chief Minister Maqbool Bakaru accepted the request made by Thondaman and agreed to take into his consideration to take necessary steps for them and also extended an official invitation to the Eastern Province Governor to visit Sidh State in Pakistan.

NEC announces rise in security deposits required from candidates

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Colombo (LNW): The National Election Commission is set to raise the security deposit required from all election candidates.

This move is aimed at dissuading an excessive number of candidates from applying, said Election Commission Chief L.M.A.R Ratnayake.

He further suggested that this increase could help decrease overall election costs.

The proposal is currently awaiting approval from both the Attorney General’s Department and Parliament.

GOSL to appoint 5,000 school principals next month

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Colombo (LNW): Appointment letters for roughly 5,000 school principals across all three service grades will be distributed next month, announced Education State Minister Aravinda Kumar.

The Minister also hinted at a potential salary increase for teachers in the forthcoming budget.