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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyToday at 1:48 pm by slstock

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyToday at 8:10 am by The Invisible

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyWed May 27, 2020 8:55 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to fix fuel prices, build energy stability fund amid COVID-19 crude collapse EmptyTue May 26, 2020 9:56 pm by කිත්සිරි ද සිල්වා

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» US Recovery? Some Americans Spent Stimulus Money on Toys While 4 Million Skipped Mortgage Payments
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» Record price for Ceylon Tea…
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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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