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[GTAm]

Great news indeed! This will definitely boost consumer confidence......

The funny thing is "Hedging" has become a really dirty word in our country, but now would be an ideal time to start structuring a hedge deal that could save us millions of $$$ in the years to come!!

[xXx]

Great news indeed! This will definitely boost consumer confidence......

The funny thing is "Hedging" has become a really dirty word in our country, but now would be an ideal time to start structuring a hedge deal that could save us millions of $$$ in the years to come!!

Doubt this alone will boost the consumer confidence. It’ll sure to boost the sale of petrol motor vehicles and may even put an end to the habit of owners quoting outrageous prices for diesel vehicles.

You are spot on about hedging been a dirty word in SL. It just shows how narrow minded and ill-informed majority of the sri lankans are. Same fate has happened to the cease fire agreement.

This is what happens when incompetent fools are politically appointed to positions with great responsibility. Did you boys see the central banks reply to S&P’s decision to downgrade SL’s credit rating? Instead of taking it up the chin and admitting that they got their policies wrong CB is accusing S&P for jumping into conclusions with out proper assessment.

[leonardo]

hopefully this will also mean there will be a better market for vehicles with bigger engine capacities!

[xXx]

hopefully this will also mean there will be a better market for vehicles with bigger engine capacities!

i doubt this too. what reduce fuel rice will do is, it'll encourage people who have money to buy a car but can't afford to pump petrol at Rs.175 per litter to go ahead with the purchase.

[leonardo]

i doubt this too. what reduce fuel rice will do is, it'll encourage people who have money to buy a car but can't afford to pump petrol at Rs.175 per litter to go ahead with the purchase.

i was thinking more along the lines of people having trouble selling their used cefiros, mark II's, b4's etc. Its a buyers market because potential buyers can always shy away from these cars by blaming the high fuel consumption. you can get great deals on some of these bigger cars, but most end up paying quite a bit more for another car that is not even in the same class.

hopefully with the fuel price not being such a huge factor, a larger segment will appreciate these cars more and owners won't have so much trouble selling them. having said that there's still the "resale value" factor..

[Bugatti]

Supreme Court orders to reduce the price of petrol to Rs. 100/- effective mid-night today.

[ash]

Yes… Finally it’s official.

Guys have a reserve to run couple of days. Already I saw a gas station with a “no petrol” sign. Last time also just before the budget, they stopped carrying a full load of petrol to minimize the losses. And some went up to the extent of adding Kerosene to the petrol tanks.

So as a precautionary measure I pumped 3/4 of my tank (it was 1/4 full anyway). Don’t think about what you’ll save after the reduction. That extra 1000/- you spend today might save you a million tomorrow.

Edited December 17, 2008 by ash

[DarkangeL]

Supreme Court orders to reduce the price of petrol to Rs. 100/- effective mid-night today.

is it confirmed ....

[SHAI]

is it confirmed ....

yup confirmed an I just filled up yesterday.........oh well

[madmax]

yup confirmed an I just filled up yesterday.........oh well

Any relief for the diesel car owners?

[Optimus Prime]

Any relief for the diesel car owners?

Nothing mentioned about diesel prices as yet. I guess the tax included in the original diesel price does not exceed the 100% limit. ?

[NPP]

Until the Cabinet receives a copy of the Supreme Court order, Petrol price will remain unchanged - Director, Government Information Department

- Ada Derana

[Jayathu]

Until the Cabinet receives a copy of the Supreme Court order, Petrol price will remain unchanged - Director, Government Information Department

- Ada Derana

I am glad I filled up last night.. Guess most of the fuel stations would be out of fuel today cos they would not be sourcing new stocks today at a higher price.. I was able to get the last precious bit available, as the pump ran out

[corollahv]

Hi Friends,

Iam Lost.

My tank is empty.

Does anybody know where fuel is available (Colombo/Moratuwa)?

[Gummybr]

Hi Friends,

Iam Lost.

My tank is empty.

Does anybody know where fuel is available (Colombo/Moratuwa)?

Lucky me I pumped yesterday afternoon.

Nope no idea on where petrol is avaialble. I saw many a person truned away from Gas Stations on the morning.

[sltcdma]

It is good to hear price reduction. But too much of reduction will cause increase of usage. Since we can not control the world market price, potential price increase may not be able to bear in the future. We will find difficulties to alter our buying pattern.

[ash]

I was able to get the last precious bit available, as the pump ran out

With the residue

Hi Friends,

Iam Lost.

My tank is empty.

Lucky me I pumped yesterday afternoon.

Nope no idea on where petrol is avaialble. I saw many a person truned away from Gas Stations on the morning.

Ya... the gas station fornt of my office closed @ 6pm yesterday... & still it's closed.

No change in petrol price

There will be no change in the price of petrol immediately.

A press release issued yesterday evening by Director, Government Information Department Anusha Pelpita said: "H.E. the President informed the Cabinet of Ministers that the Supreme Court has taken a decision on fuel prices.

It was decided to obtain a copy of that decision and afterwards the Cabinet should meet again tomorrow. There will be no change in fuel prices for the time being."

Sri Lanka supreme court fixes petrol price at 100 rupees

Dec 17, 2008 (LBO) - Sri Lanka's supreme court ordered the government to reduce the price of petrol to 100 rupees a litre from midnight Wednesday and also reduce the gap between two grades of fuel.

The order was given in response to a public interest petition filed by an opposition lawmaker.

Petrol with an Octane count of 90 is now priced at 122 rupees and petrol with an Octane count of 95 is priced 15 rupees higher.

Court also ordered the government to narrow the existing margin in the prices of 90 and 95 octane petrol.

Court said that if the price of imported petrol falls further, additional taxes could be levied and the money should go to a stabilization fund.

It asked the Treasury Secretary to issue directions on new prices to the two retailers, state-owned Ceylon Petroleum Corporation (CPC) and the listed Lanka Indian Oil Corp, a unit of Indian Oil.

The court rulings were in response to petitions on the government's fuel pricing methods and a controversial crude oil hedging deal by the CPC that has caused huge losses to the retailer.

The supreme court also directed the Central Bank to hand over a report to the bribery commission on facilities given by commercial banks to public officials in the oil hedging deal.

[Ripper]

With the residue

Ya... the gas station fornt of my office closed @ 6pm yesterday... & still it's closed.

news is that government will go against the SC

[Edward]

Hi Guys,

any idea from when we are going to get the petrol for Rs 100.00

[ash]

news is that government will go against the SC

Can they?? I thought the SC can overrule/overturn any decision even it is made by the govt. But not sure who is superior… SC or the executive powers of the President status. Doubt president will interfere in this matter.

Hi Guys,

any idea from when we are going to get the petrol for Rs 100.00

Be patient boy… not available in SL yet. In fact no gas available in most of the stations.

Edited December 18, 2008 by ash

[Gummybr]

Can they?? I thought the SC can overrule/overturn any decision even it is made by the govt. But not sure who is superior… SC or the executive powers of the President status. Doubt president will interfere in this matter.

In the Sunny SL anything is possible, I thought that this would happen. But if they cannot do this then the people will be against them at any election, mind you there is going to be some elections to be on the safe side and might increase thereafter.

[DarkangeL]

Can they?? I thought the SC can overrule/overturn any decision even it is made by the govt. But not sure who is superior… SC or the executive powers of the President status. Doubt president will interfere in this matter.

Be patient boy… not available in SL yet. In fact no gas available in most of the stations.

ahhh...actually guys ...yesterday morning..i had 10 ltrs for 1000/= from La**s petrol shed @ koswatte.....

[Watchman]

ahhh...actually guys ...yesterday morning..i had 10 ltrs for 1000/= from La**s petrol shed @ koswatte.....

i guess La**hs' jumped the gun as soon as they won the case

but if they can afford to sell at 100 bucks good for them and good for us!

[Ripper]

In the Sunny SL anything is possible, I thought that this would happen. But if they cannot do this then the people will be against them at any election, mind you there is going to be some elections to be on the safe side and might increase thereafter.

Gummy and Ash

if i'm not wrong.. the three heavy weights are the SC, the parliament and the executive president...

i think this is why the president can even set a convict free even when the SC has ruled to keep the bugger behind bars... So don't think SC can work on it's own...

Remember what happened to road blocks and road closures

and as far as elections are concerned... with the may media is been used under present administration, they won't loose elections...

Majority will back em up as long as war progress is made... actually even without any progress they can still easily win with a bit of creative manipulation

[Ripper]

btw guys... is the petrol shortage still there?

last night i tried to pump can couldn't cos the darn queues were too long... Today most sheds were out of petrol...

got lil over a quarter tank and that's it