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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyWed Apr 08, 2020 10:00 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyMon Apr 06, 2020 3:03 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptySun Apr 05, 2020 8:00 pm by nihal123

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyTue Mar 31, 2020 10:07 am by කිත්සිරි ද සිල්වා

» MARKET HOLIDAY ON 30TH MARCH 2020
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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptySun Mar 29, 2020 10:10 am by LSE

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptySat Mar 28, 2020 2:32 am by pjrngroup

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» US Embassy urges Americans in Sri Lanka to leave
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» Why we need to practise social distancing
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» Sri Lanka makes mini-budget till May 2020 under Presidential powers
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» People first, economy next, says top economist
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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyFri Mar 20, 2020 8:05 am by The Invisible

» Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse
Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyThu Mar 19, 2020 2:36 pm by කිත්සිරි ද සිල්වා

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» Sri Lanka President orders 6-month debt moratorium, 4-pct working capital
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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse Empty Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse

Post by The Invisible on Thu Mar 19, 2020 2:34 pm

ECONOMYNEXT – Sri Lanka will keep oil prices fixed and build a 200 billion rupee fuel price stability fund, Minister Bandula Gunewardane said as global prices collapsed amid a Coronavirus pandemic.

Taxes will be levied on fuel to take out cash from oil distributors and build a fund, which will be used to repay debt of the Ceylon Petroleum Corporation and Ceylon Electricity Board.

The government is planning to keep fuel prices fixed for the next 12 months, he said.

Brent Crude has fallen below 35 dollar a barrel amid a global Coronavirus pandemic.

Sri Lanka’s new administration halted a price formula after coming to office in November 2019.

Minister Gunewardene said in 2018, though there was a price formula the Ceylon Petroleum Corporation had run a loss of over 100 billion rupees.

Most of the losses however had come from a foreign exchange loss, where the CPC had borrowed or had been forced to borrow dollars to run an unhedged open position.

Similar unhedged dollar positions have been run before, including with credit from Iran.

Economic analysts believe that such actions are done due to lack of knowledge of classic economic theory and a strong belief in Mercantilism.
The Invisible
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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse Empty Re: Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse

Post by කිත්සිරි ද සිල්වා on Thu Mar 19, 2020 2:36 pm

Who will get Dollar Rich this time ?
Last time it was Asantha De Mel.

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