Iran sanctions affect: Fuel prices increased in Sri Lanka

[Lankan Ranger]

Iran sanctions affect: Fuel prices increased in Sri Lanka

Fuel suppliers in Sri Lanka have raised fuel prices in line with the rising global fuel prices.

Accordingly, the Sri Lanka Petroleum Corporation effective from midnight Saturday (11) has raised the price of a liter of diesel by Rs. 31 to Rs. 115, price of a liter of Octane 90 petrol by Rs. 12 to Rs. 149 and a liter of Octane 95 by Rs. 12 to Rs. 167.

A liter of kerosene, which was Rs 71 before the increase, will now stand at Rs. 106, an increase of Rs. 35.

Petroleum Minister of Sri Lanka Susil Premajayantha yesterday indicated that prices would be raised but did not give a date for the increase.

Sri Lanka : Fuel prices increased in Sri Lanka

 

[pmukherjee]

That is a very steep rise indeed.

 

[Arian]

good for Sri Lanka, now go and buy petrol from Saudis that claim they can replace every drop of the Iranian oil in the market

 

[Lankan Ranger]

Fuel prices soar

Effective from midnight Saturday has raised the price of

Petrol by Rs. 12

Diesel by Rs. 31

Kerosene by Rs. 35 a litre

 

[rama]

this is huge...!!

 

[Shinigami]

Thank god for our indian diplomats

 

[Cheetah786]

That is a very steep rise indeed.

Oil future traders turn to rape the world but Good news is this is just a start prices will go up even higher and Average American and eurpoean themselves will pay the price this time plus not to mention the economic suicide Americans have committed with this action but then again American government is not there for Americans it's there for Israel.

 

[Cheetah786]

Fuel prices soar

Effective from midnight Saturday has raised the price of

Petrol by Rs. 12

Diesel by Rs. 31

Kerosene by Rs. 35 a litre

what Saudi super tankers with free oil aren't there yet just wait for them they are on there way.New york oil traders are prolly singing cha ching cha ching cha ching cha ching.

 

[lama]

this price rise is too harsh

 

[Lankan Ranger]

Sri Lanka may drop US dollar to meet Iran oil sanctions

Sri Lanka may avoid a costly squeeze by the United States sanctions on Iranian crude by purchasing it in a currency other than US dollars officials said on Sunday.

The Indian Ocean nation is facing the most potential collateral damage from the sanctions, which are meant to cut off the dollars Washington believes are being used to fund Iran's nuclear ambitions.

Sri Lanka imports 93 percent of its oil from Iran, OPEC's second biggest producer, and its sole refinery, the 50,000 barrel-per-day Sapugaskanda plant, can only refine Iranian crude and three or four others that are in short supply.

U.S. Deputy Assistant Secretary of the Treasury for Terrorist Financing, Luke Bronin, flew in for a one-day visit on Thursday to meet a host of government officials to explain the options available and the impact on Sri Lanka.

A senior government official directly involved in Sri Lanka's payments to Iran who met with Bronin said he offered a potential solution.

"I don't know whether it was deliberate or it was accidental, but he said they are only concerned about transactions done in dollars, so that was a hint to us," the official told Reuters on condition of anonymity.

Sri Lanka's central bank pays its Iranian counterpart on behalf of the Sri Lanka Petroleum Corporation through the Asian Clearing Union (ACU), a nine-nation trade clearing house set up in Tehran in 1974.

The ACU method would run afoul of the sanctions, which were signed into law on Dec. 31 and are due to take effect after a six-month deadline.

"The point is to try and choke some dollars off, so we want to know what the Sri Lankan government is going to do in terms of a workaround," a U.S. embassy official told Reuters on condition of anonymity. "At least they are trying, so that's good."

Bronin declined to speak to a Reuters reporter on Thursday. "He came to explain the act, the meaning of the act and what options are available to us," Foreign Secretary Karunaratne Amunugama told Reuters. "We are aware of the seriousness of the act, and government agencies are discussing what options we could take."

Sri Lanka has already said it was looking at buying crude from Oman and Saudi Arabia, both of whom can supply something the Sapugaskanda refinery can handle. The possibility of a waiver from the United States, which requires a demonstration of lessened ties with Iran, is also under consideration.

Sri Lanka may drop dollar to meet Iran oil sanctions - Economic Times

 

[Kesang]

Fuel prices soar

Effective from midnight Saturday has raised the price of

Petrol by Rs. 12

Diesel by Rs. 31

Kerosene by Rs. 35 a litre

I can't imagine if it happened to India. Thanks Iran for saving us from huge Strikes and Inflation.

 

[pmukherjee]

Just by saying that the Saudis can replace Iranian oil, is that enough? I mean the quality and chemical composition of both the crudes is different with different percentages of sulphur, CO2 etc. What little I know on the subject seems to suggest that individual refineries are designed in a way so they are oriented towards a particular type of petroleum with definite API gravity and sulphur content etc which they import and it is not easy to switch the crude being fed into the refinery. Therefore, it is not that easy to switch the crude source unless it matches the quality of petroleum that the refinery was designed to process/refine. Most of Indian refineries are geared to refine Iranian crude.

Am I wrong or what? Can someone with knowledge on the subject please throw some light on this issue.

 

[harpoon]

I can't imagine if it happened to India. Thanks Iran for saving us from huge Strikes and Inflation.

You do realize that Indian fuel prices are the highest in the sub continent. I heard that Nepal which buys their entire fuel supply from India has low fuel price when compared to India. Evenafter increase SL petrol prices is less than India.

149 LKR= approx INR 64 and in my city one ltr pretol is about INR 68 and oil companies are forever looking for excuses to raise the price.

 

[AZADPAKISTAN2009]

Iran oil ban is illegal , I mean why would a sovereign nation be not allowed to trade ??

Oil is used by other countries and it keeps prices low , if USA does not wants it let others use cheap oil they can buy their oil from their Saudi Buddies win - win situation

But I find it annoying that such sanctions are in place which are just there to punish the average citizen

In-fact Pakistan should buy this cheaper priced oil. We would save billions if we sign a deal for 2-3 years bit time saving of 4-8 billion over 2-3 years

 

[harpoon]

Fuel prices soar

Effective from midnight Saturday has raised the price of

Petrol by Rs. 12

Diesel by Rs. 31

Kerosene by Rs. 35 a litre

Chill bhai..your petrol prices are still less than India.

---------- Post added at 08:14 PM ---------- Previous post was at 08:13 PM ----------

Iran oil ban is illegal , I mean why would a sovereign nation be not allowed to trade ??

Oil is used by other countries and it keeps prices low , if USA does not wants it let others use cheap oil they can buy their oil from their Saudi Buddies win - win situation

But I find it annoying that such sanctions are in place which are just there to punish the average citizen

In-fact Pakistan should buy this cheaper priced oil. We would save billions if we sign a deal for 2-3 years bit time saving of 4-8 billion over 2-3 years

As far as I know there is only sanction on Iran, not embargo...foreign nations are still free to trade with Iran if Iran is willing to trade on say Pakistani Rupee.