Sri Lanka - Financial Daily News Site

IOC Provides Fuel As Government Pumps Go Dry

IOC Provides Fuel As Government Pumps Go Dry

Lanka IOC, the subsidiary of Indian Oil Corporation in Sri Lanka, kept its pumps open throughout Tuesday as the cash-starved government’s fuel entity’s fuel stations did not operate in the island nation due to the worsening energy crisis. On Monday, the Sri Lankan government announced that only essential services will operate from midnight till July … Read more

Lanka IOC provides fuel as government pumps go dry in island nation

Lanka IOC provides fuel as government pumps go dry in island nation

Lanka IOC, the subsidiary of Indian Oil Corporation in Sri Lanka, kept its pumps open throughout Tuesday as the cash-starved government’s fuel entity’s fuel stations did not operate in the island nation due to the worsening energy crisis. On Monday, The Sri Lankan government announced that only essential services will operate from midnight till … Read more

Sri Lanka: Postal services limited to three days-a week amid fuel crisis

People wait to buy kerosene oil at a gas station in Kandy, Sri Lanka on June 13. (Photo: Bloomberg)

Amid the fuel shortage in the country, Sri Lanka’s postal department decided to open post and sub ports offices three days a week considering transport and travelling difficulties. Accordingly, the services by the main and sub-offices will be available on Tuesday, Wednesday, and Thursday, Daily Mirror Online reported. … Read more

Explained Financial Crisis Brewing In India s Backyard

Explained Financial Crisis Brewing In India s Backyard

Recently, Chairman of Karakoram National Movement, Mumtaz Nagri has said that Pakistan may cede Gilgit Baltistan, the Pakistan-occupied Kashmir region, to China on lease to pay off its increasing debt. The recent statement sent shockwaves across the region and travelled through the border to India.  The heavily isolated and neglected Gilgit Baltistan could turn into … Read more

China provides USD 2.5 bn loan to Pakistan to boost its forex reserves

The Siasat Daily: Latest Hyderabad News, Telangana, Entertainment, India

Beijing: China has again rushed to bail out Pakistan by providing USD 2.5 billion in assistance to prop up the fast-depleting foreign exchange reserves of its cash-strapped all-weather ally, months after it rolled over a USD 4.5 billion loan due to be paid this year. The announcement of the Chinese assistance came after France signed … Read more

Cash-starved Sri Lanka to end fuel duopoly to ease shortages

Cash-starved Sri Lanka to end fuel duopoly to ease shortages

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis. The Cabinet decision came as the minister, Kanchana Wijesekera, headed to Qatar and a … Read more

Was cash-strapped Sri Lanka duped by China in Hambantota Port? – Opinion

Was cash-strapped Sri Lanka duped by China in Hambantota Port? - Opinion

Two car-shipping carriers berthed at Sri Lanka’s Chinese-built Hambantota Port (AFP)   THE HINDU: The Chinese-built Hambantota Port has become a millstone around Sri Lanka’s neck, as the seaport has landed Colombo in a dragon debt trap and is commercially unviable, with little hope of traffic revival in … Read more

Fuel prices hikes as filling stations go dry, Ceylon Petroleum Corp fails to make deliver- The New Indian Express

Fuel prices hikes as filling stations go dry, Ceylon Petroleum Corp fails to make deliver- The New Indian Express

By PTI COLOMBO: Crisis-hit Sri Lanka has hiked petrol prices by LKR 50 and diesel by LKR 60 respectively, the third price revision in over two months, as the country continues to reel under the worst economic crisis in decades due to a crippling shortage of foreign exchange reserves. State-run fuel retailer Ceylon Petroleum Corporation (CPC) … Read more

Crisis struck-Sri Lanka hikes fuel prices as filling stations go dry

Photo: Bloomberg

Crisis-hit Sri Lanka has hiked petrol price by LKR 50 and diesel by LKR 60 respectively, the third price revision in over two months, as the country continues to reel under the worst economic crisis in decades due to a crippling shortage of foreign exchange reserves. State-run fuel retailer … Read more