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Sri Lanka Equity Forum » Stock Market Talk » LIOC DEALERS URGE MINISTRY TO INCREASE CPC FUEL PRICES EQUALL

LIOC DEALERS URGE MINISTRY TO INCREASE CPC FUEL PRICES EQUALL

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ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
LIOC DEALERS URGE MINISTRY TO INCREASE CPC FUEL PRICES EQUALL

25 Jan 2019

The dealers of the Lanka Indian Oil Cooperation (LIOC) yesterday requested the Ministry of Petroleum Resources Development to increase the Ceylon Petroleum Corporation (CPC) fuel prices to the same price level of the fuel sold by the IOC.

The Ministry said that a special meeting was held between the IOC dealers and Deputy Minister Anoma Gamage at the ministry yesterday.

The filling station owners informed the deputy minister that due to the higher fuel prices at fuel stations, the IOC is incurring huge losses and that their sales had decreased by 75%. They also said consumers regularly accuse them of selling fuel for higher prices than that of the CPC.

Currently, the LIOC is selling a litre of 92 Octane petrol for Rs.131 and petrol 95 Octane for Rs. 150 per litre, which is Rs.8 and Rs. 3 respectively higher than the selling prices of the CEYPETCO.

During the meeting, it was revealed that at least 400 employees are working under more than 200 LIOC dealers. The dealers proposed the deputy minister to sell the fuel at the same prices in each fuel station after regulating the fuel prices through the Consumer Affairs Authority.

In addition to their proposals, they requested to name the petrol and diesel as essential commodities and also to protect the consumers’ rights by bringing the LIOC under the supervision of the Petroleum Ministry.

The Deputy Minister told the dealers that she would discuss the matter with the LIOC management and also with the Treasury.

The filling station owners informed the deputy minister that due to the higher fuel prices at fuel stations, the IOC is incurring huge losses and that their sales had decreased by 75%

https://www.pressreader.com/sri-lank...81767040432631

ruwan326

ruwan326
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
IOC Sri Lanka unit December quarter loss widens to Rs987mn

Jan 28, 2019 


Losses at Indian Oil Corporation’s Sri Lankan unit widened sharply to 987 million rupees in the December 2018 quarter from a year ago, interim accounts filed with the stock exchange showed.

Quarterly sales of Lanka Indian Oil Corporation (LIOC) rose 4.5 percent to 23 billion rupees while cost of sales rose 5.7 percent to 23 billion rupees, during the period.

LIOC lost 1.85 rupees per share in the December 2018 quarter compared with a loss of 64 cents per share a year ago.

LIOC’s share was trading at 21.50 rupees Monday morning, down 1.50 rupees or 6.5 percent from last week.

In the nine months to 31 December 2018, LIOC’s loss per share fell to one rupee from 1.22 rupees the year before with net loss down to 533 million rupees from 652 million rupees. 

The December quarter accounts showed LIOC’s was carrying stock worth 10.5 billion rupees, down from 18.8 billion rupees in the September 2018 quarter. 

https://economynext.com/IOC_Sri_Lanka_unit_December_quarter_loss_widens_to_Rs987mn-3-13265-3.html

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