The Lanka Indian oil Corporation (LIOC) has posted a net profit in December quarter and it possessed sufficient fuel reserve to maintain normal sully levels.
It is maintaining the current diesel price of Rs.104 per litre due to its sheer commitment to serve the nation and the company considers diesel as the common man’s fuel, LIOC sources said. .
The price of Petrol 92 octane remains at Rs 142 per litre despite the crude oil price has jacked up to US$65 to $71 per barrel at the moment.
The increase in oil prices to over $ 70 U.S. per barrel could affect local fuel prices and hurt Sri Lankan consumers, official source said.
Sri Lanka crude oil bill is around $ 250-300 million per month and an increase of just 15 percent within a few days can exerts some impact in local fuel supply ,an analyst said.
During the period (18.01.2020 to 24.01.2020), crude oil prices showed a decreasing trend. Crude oil prices decreased mainly due to the spread of a newly identified respiratory virus from China which may lower the global demand resulting from declined economic activation.
Further, there was a sufficient global supply during the period and it also helped in decreasing the prices. Overall, both Brent and WTI prices fell by US$ 3.4 per barrel and US$ 3.5 per barrel, respectively, during the period, Central Bank announced.
Sri Lanka’s Indian Oil Company (IOC) owned fuel retailer Lanka IOC has posted a net profit of Rs.489.75 million for the December quarter from Rs.986.8 million loss a year earlier, the interim financial accounts released to the Colombo bourse showed.
The firm has posted 92 cents in earnings per share.
For the nine months ending 31st December, the firm has posted Rs.767.99 million profits, up from Rs.533.7 million loss from a year earlier.
Lanka IOC PLC’s revenue fell to Rs.19.81 billion in the December quarter from Rs.23.1 billion a year earlier whilst the cost of sales fell to Rs.18.48 billion from Rs.23 billion.
(LI)